!
!
!
!
"#$!%&'()*$!
!
!
!
!
!
+,-!./0120-!34-5!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!"#$%&'()!&*++)
!
!"#$%&'()"*#+(,---(
!
"!
!"#$%&'%()#*+,*#
-.&/01#23'4.)#5.(6.7.(#
!+8#9%(:#;<.&'.#=3'01#
>.?@3(:)#>.?@3(:#*88*A#
#
B.&06.C.&D#
EF1# 1%G.# ./&# H'F1# 7.4F1(/.G.&)# I%4# =/.# .<.&0'.66# <.(JKK.&06/L
F1.&# ?366.&"# M4# /40# 4.1(# 7'0"# M4# /40# '&1./C6/F1# '&I# %66.4# /40#
?%1("#M4#1./N0#OP%1(.#B.4F1/F10.&#IQC3&/4F1.(#2./C4'F1'&L
7.&O"# EF1# :.&&.# %66# I/.4.# R/&7.# %'4# .(40.(# 2%&I"# R.(# E&1%60#
4F16/.N0#B.4F1/F10.&#<3&#OR/.#P.60#I.4#533I33O)#OR/.#P.60#I.4#
S01.(O#'&I#OR/.#P.60#I.4#T.G.&I.&#U3I.4O#./&"#EF1#1%G.#%'F1#
V.W.X0.#KY(#./&/7.#-%'G.(0(Q&:.#./&7.KY70)#I/.4.#:J&&0.&#%G.(#
OW.&4/.(0O#?.(I.&)#K%664#=/.#I.(#Z./&'&7#4/&I)#4/.#4./.&#KY(#I/.#
C./40.&#Z.&4F1.&#W'#7.KQ1(6/F1)#3G?316#4/.#&/F10#%66.#K'&:0/3L
&/.(.&#?Y(I.&#'&I#/F1#/&#./&.C#[%X/0.6#C/0#I.C#U/0.6#OR/.#P.60#
I.(# -%'G.(./O# .(:6Q(.)# ?/.43"# EF1# G/.0.# I/.4.4# H'F1# &'&# W'(#
5.(JKK.&06/F1'&7# %&"# EF1# G/&# G.(./0)# %66.# V.F10.# I%(%&# W'# <.(L
:%'K.&#\%'N.(#I/.#]/6C(.F10.^#/F1#?.(I.#4.6G40#V.7/.#G./#I.C#
]/6C#KY1(.&_"#M4#7/G0#]3034#?.&&#=/.#4/.#CJF10.&"#=3660.&#=/.#
%&# I.C# H'F1# /&0.(.44/.(0# 4./&# \:./&# %&I.(.(# 5.(6.7.(# 1%0# .4#
G/41.(#7.4.1.&)#/F1#4F1/F:.#.4#E1&.&)#?./6#=/.#I/.#5.(6.7.(#<3&#
OR%4# G6'0/7.# 2%'4O# 4/&I)# ?%4# W/.C6/F1# 7'0# ?%(_# %&0?3(0.&# =/.#
G/00.#X.(#VYF:'C4F16%7)#I.&#/F1#G./7.6.70#1%G."#EF1#?.(I.#I%4#
Z%&'4:(/X0# C/0# VYF:X3(03# 4F1/F:.&# KY(# I.&# ]%66)# I%44# =/.# .4#
&/F10# CJ7.&# \3I.(# &/F10# <.(40.1.&_"# H/00.# C.6I.&# =/.# 4/F1# 43#
G%6I# ?/.# CJ76/F1"# EF1# I.&:.)# I%4# ;&7.G30# 76./F1# C.1(.(.&#
5.(6%7.&# W'# 4F1/F:.&)# /40# '&C3(%6/4F1"# ;G.(# /F1# CJF10.# I/.#
OP%1(.&# B.4F1/F10.&# IQC3&/4F1.(# 2./C4'F1'&7.&O# 43# G%6I#
?/.# CJ76/F1# <.(:%'K.&"# E&# I/.4.C# H'F1# /40# ./&/7.# OB('L
4.64F1"""`O#\P.&&#=/.#?/44.&#?%4#/F1#C./&."_#
Z/0#K(.'&I6/F1.&#B(YN.&#
#
E1(#a%(634#R.0?./66.(#
#
*!A#M"#*!01#=0")#;X0"#M#
a.&0(%6#]%664)#V"E"#!8bbb##
#
#
#
!
#!
H#Y#(#3#/#�#.#(#&#.#4##Z#.#C#3#
;&D#V37.(#
53&D#$31&#
H.0(/KK0D#53(4F16Q7.#c#**"#G/4#*d"#$%&'%(#*+,*#
M/&# &.'.4# $%1(# '&I# I.(# =F16%CC#/C# =F1C'0W1%'K.&# ?/(I#/CL
C.(# 0/.K.("# EF1# ?./N# &/F10# ?/.# I.(# V.40# I./&.(# 7.X6%70.&# V.L
I%:0/3&47Y&406/&7.#.4#C%F10)#%G.(#/F1#(366.#?./0.(1/&#I.&#.e/L
40.&0/.66.&# =0./&# <3&# ;C.(/:%4# '&<.(JKK.&06/F10.&# =X/0W.&)# W'L
C/&I.40# C./&.&# ;&0./6# I%(%&"# ;66.4# ?%4# W'# 4%7.&# G6./G0# /40)#
I%44# /F1# C./&.&# U./6# =F1C'0W# /&# I/.4.(# P3F1.# 7.6.4.&# 1%G.#
\&./&)#/F1# (%'F1.# &/F10# I%4# ?%4# P"# a"# ]/.6I4# I.&# O<.(G30.&.&#
=03KKO#&.&&0)#%'F1#?.&&#/F1#C./&..4F1?Q0W/7.&#U%7#1%G._"#
Z/0# I./&.(# -'40/CC'&7# 4F1/F:.# /F1# *d# G'F16%&7.# Z%&'4:(/X0.#
W'(YF:)#I/.#'&%'K7.K3(I.(0# ./&7.K6%00.(0#4/&I#\4/.1.#VYF:7%G.)#
&QF140.#=./0._)#A#M&0?Y(K.#'&I#H./4X/.6:%X/0.6#'&I#</.(#'&/I.&L
0/K/W/.(G%(.#]6.F:.&)#I/.#./&#G/44F1.&#?/.#Z%4F1/&.&4F1(/K0#%'4L
4.1.&"# M/&.4# I%<3&# /40#./&# H'F1# <3&# .0?%4# I%4# 4/F1# O=F1?'6.#
M(6.G&/4X3.4/.O# &.&&0# 3I.(# %'F1# OT'04F1# C./&.&# 7(3N.&#
4F1?%(W.&# =F1?%&WO# '&I# ./&# %&I.(.4)# [6./&.# T36/0%)# 1%&I.60#
<3&# ./&.C# Z%&&)# I.(# /&# ./&.&# M(40:6Q446.(# <.(6/.G0# /40"# EF1#
76%'G.)#.4#/40#C/0#H6./40/K0#7.4F1(/.G.&)#%G.(#7%&W#4/F1.(#G/&#/F1#
C/(#&/F10"#MG.&K%664#C/0#I./&.C#M/&<.(40Q&I&/4#?Y(I.#/F1#./&.&#
M&0?'(K#43?/.#./&/7.#H./4X/.6:%X/0.6#KY(#KY&K#HYF1.(#%&K3(I.(&)#
./&4F16/.N6/F1#I.C#&.'.&#OZ/.I.(4F16/0W.(O#<3&#I/.4.C# C/.4.L
X.0(/7.&# H/G6/301.:%(# /&# Z/&&.430%"# \R/.# ;'03(.&# 4F1&YKK.6&#
&/.C%64# /&# I./&.&# ;:0.&)# 3I.(# a1.Kf# >3(C%6.(?./4.# ?Q(.# .4#
./&.#X6%00.#B.4F1/F10.)#%G.(#I%4#IY(K0/7.#B.4F1.1.&#<3&#O=./L
&.#K6%CC.&I.&#[Y44.O#:%&&#&/F10#%'47.76/F1.&#?.(I.&)#&/F10#
./&C%6#<3&#'&4.(.(#4F1(.F:6/F1.&#Z%(:.0/&7%G0./6'&7_"#
-'6.0W0)#<.(C'06/F1#W'C/&I.40)#1Q&7.#/F1#I/(#&3F1#./&.#:6./&.#
;&K(%7.#<3&#./&.C#a%(634#R.00?./6.(#%'4#a.&0(%6#]%664#/&#V13I.#
E46%&I#1/&0.&#%&"#;64#/F1#K(/4F1#<3&#I.(#H(3?&#g&/<.(4/0Q0#:%C)#
76YF:6/F1#I%4#2%'X0K%F1#M&76/4F1#%G7.4F16344.&)#X6%&.&I)#7(3L
N.# V3C%&.# W'# 4F1(./G.&# '&I# '&0.(# I.C# Z/44<.(40Q&I&/4# 6./L
I.&I)# h.I.(# I.(# <.(JKK.&06/F10# ?.(I.)# CY44.# G(/66%&0# 3I.(# W'L
C/&I.40#?/(:6/F1#:6'7#4./&)#1Q00.#/F1#Z("#R.00?./6.(4#H(/.K#31&.#
W'#WJ7.(&#?.77.4F1C/44.&"#\a%(634#R.00?./6.(f#EF1#K(%7.#C/F1#
4.6G40#h.0W0)#3G#/F1#I%#I/.#=F16Y44.6#<3&#I/.4.C#%&0/:.&#[J&/7#
:6%XX.(&# 1J(.# L# :%&&# I/.4.(# >%C.# .F10# 4./&f# =/F1.(# &/F10_#
P%1(4F1./&6/F1#43660.#/F1#I%4#R/&7#&'(#C/0#./&.(#-%&7.#%&K%4L
$!
4.&)# KY(# I.&# ]%66)# I%4# I/.# 3KK.&4/F106/F1.# T.4.40J('&7# I/.4.4#
Z%&&.4#%&40.F:.&I#/40"#;G.(#W?./#$%1(.#/&#-.&/01#23'4.#1%G.&#
C/F1#<.(Q&I.(0)#V37.("#EF1#1%G.#I/.#(34%#H(/66.#%G7.4.0W0"# R'#
1%40# :./&.# ;'44/F10)# ?/(:6/F1.# =F1?.(7.?/F10.# ?/.# Z/603&)#
=1%:.4X.%(.)# T%?(.&F.)# ]%'6:&.(# W'# G.:3CC.&)# G.<3(# I'#
&/F10# C/0# I.C# ;'03(# <3&# OV%00.&# %'4# I.(# 2J66.O# /C# H'(7.(L
2/CC.6# W'# Z/00%7# 7.7.44.&# 1%40# 3I.(# I.(# M(4F1%KK.(/&# <3&#
O=F16/0W#C/F1#%'K)#C./&#R%(6/&7O#I'(F1#/1(.#I.(W./0/7.#=F1(./GL
G63F:%I.# 7.136K.&# 1%40"# R'# G.7/&&40# W'# (.%6/4/.(.&)# I%44# I/.#
7(3N%(0/7.# H.%(G./0'&7# <3&# T/0.(%0'(# <.(I%CC0# C.1(# M(I6JL
F1.(#1%0)#%64#I'#.(?%(0.0#1%40)#%64#I'#C/0#I./&.C#.(40.&#H'F1#
'&0.(# I./&.C# =1/(0# W'C# =F16%KW/CC.(# 7.4F16/F1.&# G/40# \>./&)#
/F1# 1%G.# :./&# R3X.# 7.(%'F10`_"# ;643# 7'0"# R/.4.(# H'(4F1.#
4F1(./G0# ?/.# ./&# C/00.6CQN/7# G.7%G0.(# R(/00:6Q446.(# \%66.4# I.L
:6%C/.(.&I.# =Q0W.# L# 4./&# =0/6# 1%0# I.&# M6%&# ./&.4# 4F1?.(.&#
[.(64)# I.(# /&# H%'%(G./0.(4F1'1.&# I/.# U(.XX.# 1.('&0.(40%XK0_)#
%G.(# I%4# 0'0# %'F1# i6/<.# H%(:.()# '&I# '&4.(.# C%&7.61%K0.# H.L
4.0W'&7# .(?Q7.&I# 4/&I# /1(.# P/&I13<.(L=.(/.&# 7%&W# 7'0# ?.7L
7.7%&7.&"#R.(#=%0W#/C#.(40.&#;G4%0W)#/&#I.C#.(#G.1%'X0.0)#.(#
?/44.#%66#I/.4.#R/&7.#%'4#.(40.(#2%&I)#?./40#I%(%'K#1/&)#I%44#.(#
./&# =X/&&.(# 4./&# :J&&0."# R'# ?./N0# I%4"# =./&.# H.1%'X0'&7)#
I%44#.(#V.7/.#G./#I.C#]/6C#KY1(.&#?/66#W./70)#I%44#.(#./&#=X/&L
&.(# C/0# 7(3N%(0/7.&# E66'4/3&.&# /40"# EF1# I.&:.)# I%4# ?/44.&# ?/(#
G./I."#;'N.(I.C#4.0W.#/F1#C./.0W0.4#g&0.(1.CI#\EF1#0(%7.#
.4#I.(W./0)#'&I#.4#/40#CQF10/7#7(%'`_)#I%44#0(30W#4./&.(#%&I.(4L
6%'0.&I.&#H.1%'X0'&7#h.I.(#5.(6.7.(#/&#>.?#@3(:#I/.#OP%1(.&#
B.4F1/F10.&#IQC3&/4F1.(#2./C4'F1'&7.&O#7.4.1.%0"##
R/.#T3j%6/0Q0#W'#./&.C#g&0.(&.1C.&#:%&&#&/F10#43#?./0#7.L
1.&#](.'&I"#>/F10#./&C%6#./&#C/00.6CQN/7#G.7%G0.(#R(/00:6Q44L
6.(# ?Y(I.# G./# -.&/01# 23'4.# G.7/&&.&"# EF1# <.(C'0.# C%6)# I%44#
I.(# '&.(CYI6/F1.# \# '&I# CJ76/F1.(?./4.# %'F1# G.4.44.&._# Z("#
R.0?./66.(# 4./&.&# H(/.K# 7.I'6I/7# %G7.0/XX0# '&I# C/&I.40.&4#
!8C%6# <.(4F1/F:0# 1%0)# G.7/&&.&I# C/0# ]%((%()# =0(%'4# k# B/(3'e)#
3I.(# </.66./F10# 437%(# ;6K(.I# ;"# [&3XK"# ;G.(# /F1# 76%'G.# .4# 7/G0#
./&.#ZJ76/F1:./0#L#?.&&#%'F1#</.66./F10#./&.#.e0(.C#4F1?%F1.#L#
I%44# Z("# R.0?./66.(# 7.&Y7.&I# Z%0.(/%6# (.F1.(F1/.(0# 1%0)# 'C#
I%(%'4# 0%04QF16/F1# ./&# H'F1# W'# C%F1.&"# M4# CY440.# &%0Y(6/F1#
'C7.4F1(/.G.&# ?.(I.&)# L# 4/F1.(# G.%(G./0.0# L# 4./&# H(/.K# C%F10#
I%4#(./F16/F1#:6%(#L#'&I#I.(#U/0.6#/40#Z/40)#%G.(#?/(#1%G.&#<.(L
4F1/.I.&.# ;'03(.&# I/.# C.1(# %64# 76YF:6/F1# ?Q(.&# YG.(# ./&.&#
!
%!
:6./&.&#B1340?(/0.(L;'K0(%7)#C/0#I.C#4/.#%'K#I/.#=F1&.66.#l88#
R366%(#<.(I/.&.&#:J&&0.&"#\EF1#1%G#I/F1#W'F:..4.1.&)#C%F1#
!88"# 5.(C'06/F1# /40# I/.# '&.(CYI6/F1.# i6/<.# H%(:.(# I/.# G.40.#
P%16"# ;'N.(I.C# 76%'G.# /F1)# i6/<.# 1Q&70# %&# 5%6/'C"# $'&:/.4#
%(G./0.Q(0.(#%64#&3(C%6.#T.'0.)#a1.K"#R'#?./N0#I%4"#$.I.&L
K%664# G/4# 4/.# 40.(G.&"# g&I# i6/<.# /40# 40%(:"# =/.# 4/.10# &/F10# C.1(#
%66W'7'0# %'4)# 4./0# 4/.# ./&.&# =F16%7%&K%66# 1%00.# L# /F1# 1%44.# I/.#
;(0)#?/.#I/.#6/&:.#=./0.#/1(.4#B.4/F104#1.('&0.(1Q&70#L#%G.(#4/.#
/40# 40%(:_"# P/.# /F1# G.(./04# 7.4%70# 1%G.# /40# I/.# a1%&F.# 7.(/&7#
'&I#.4#/40#./&#:6./&.4#V/4/:3#./&.&#W?./K.6634#5.((YF:0.&#W'#.(L
C'0/7.&)# ?./6# .4# 43# 4F1?.(# /40)# 4/.# 634W'?.(I.&# \M(/&&.(40# I'#
I/F1#%&#B.&.(%6#2.F:46.(#'&I#4./&#H'F1#-?%&W/7#YG.(4/&&6/F1.#
B%(0.&G6'C.&f#M/&.#P./6.#I%F10.#/F1)#I.(#Z%&&#?Y(I.#(/F10/7#
7.KQ1(6/F1# ?.(I.&)# '&I# &%0Y(6/F1# ?%(# .(# I.(# 2%'X07('&I# ?.4L
1%6G# I.(# %(C.# %60.# H/66# 2%CC.(# 7.:Y&I/70# 1%0_"# U%04QF16/F1#
%G.(#7/&7#OH6'0/7.#2Q'4.(O#W/.C6/F1#7'0#'&I#I/.#7%&W.#=%F1.#L#
<.(4F1?3CC.&.#]3034#'&I#I%4#%66.4#L#:%C.&#/&#I.(#>.?#@3(:#
9'G6/F#T/G(%(j#1.(%'4"#>'%7#C/(D#=0.F:.&#?/(#I.&#%60.&#a%(L
634#/&#I/.#VYF:7%G.#3I.(#K3(I.(&#?/(#/1&#%'K#./&.&#M&0?'(K#'&I#
H./4X/.6:%X/0.6# W'# 6/.K.(&f# =X(/F1# 4F1&.66)# 7(3N.(# ]Y1(.()# I%4#
=F1/F:4%6#I.(#P.60#1Q&70#I%<3&#%G"#
#
$31&#
#
mmm#
#
53C#HY(3#I.4#T.:03(4#
;&D#$31&#[.&03&#
R%0'CD#*d"#*"#,*#
#
>%F1(/F10D# T/.G.(# B300)# $31&&j`# 2Q6040# R'# h.C%64# I/.# [6%XX.f#
R/.4.4#Z.C3#?%(#I(./#=./0.%&7`#P.&&#R'#&/F10#1/71#?%(40#
1%40# R'# :./&.# ;'4(.I."# =F1C./N# I.&# <.(I%CC0.&# H(/.K# ?.7)#
4%7#I/.4.C#a%(634#OP.(L/CC.(L.(L%'F1L/40O#.(#4366#4./&#Z%&'L
4:(/X0#4F1/F:.&)#:%'K#/1C#./]&j)#?%4#/CC.(#I'#?/6640"#;G.(#
<.(4F13&# C/F1# C/0# R./&.&# <.(K6'F10.&# G.4F1/44.&.&# U1.4.&"#
EF1#G.:3CC.#4/.#&/F10#<3.(G)#=%&I(%)#3I.(#H/66#'&I#/F1#?/66#
4/.#&/F10#<3&#R/("#O=F1%'K6.#I/.#=F1./N.#'&I#1%60#I%4#Z%'6O)#?/.#
?Q(.#.4#C%6#C/0#I/.4.C#Z3003f#V37.(#9"="#2%(63?#M&I.(4#1%0#
1.'0.#?/.I.(#%&7.('K.&L#?/.#.4#4F1./&0)#G.:3CC.&#?/(#'&4.(.#
&!
B.1%6044F1.F:4# C/&I.40.&4# &3F1# ./&# $%1(# ?./0.("# P%4# I%&%F1#
?/(I)#?.(#?./Nf#M(#4%70)#/C#$'&/#?/(I#.4#./&.#M/&4F1Q0W'&7#I.(#
T%7.# 7.G.&# '&I# ./&.&# O030%6.# nG.(G6/F:# YG.(# I/.# 934/0/3&# <3&#
-.&/01#%'K#I.C#Z%(:0O"#EF1#&.1C.#%&)#I%44#.(#C/0#I/.4.C#B.L
?Q4F1# 4%7.&# ?/66)# I%44# ?/(# &QF140.&# $%&'%(# <.(:%'K0# ?.(I.&#
:J&&0.&)# ?.&&# 4/F1# '&4.(.# T%7.# &/F10# G.44.(0"# E&# ;&G.0(%F10#
'&4.(.(# H.4.0W'&7# :%&&# /F1# C/(# &/F10# <3(40.66.&# ?/.# ?/(# I%4#
4F1%KK.ᄎ.&"#Z./&#[3XK#4F1C.(W0"#EF1#76%'G.#/F1#1%G.#./&.&#
B.1/(&0'C3("# H/00.# 4F1/F:# C/(# :./&.# 6%&7.&# Z.C34# C.1("#
9"9"="# O[6./&.# T36/0%O# /40# ./7.&06/F1# ./&# W/.C6/F1# 7'0.(# U/0.6)#
3I.(f# P/(# :J&&0.&# .4# <.(7.G.&)# </.66./F10# %&# Z3(0# @.%7.()# .(#
1%0# ./&# 2Q&IF1.&# KY(# 436F1.# R/&7."# M(/&&.(40# R'# R/F1# %&# I/.#
U..&%7.(LV./W?Q4F1.L=13?f# R%4# ZQIF1.&# /&# O[6./&.# T36/0%O#
:J&&0.#**#4./&)#?%(#I%4#i(/7/&%6#&/F10#W?J6Kf##
#
mmm#
#
H#Y#(#3#/#�#.#(#&#.#4##Z#.#C#3#
;&D#V37.(#
53&D#$31&#
#
H.0(/KK0D# ZJ76/F1.(# 2/(&0'C3(# [6/&70# KY(# C/F1# .1.(# &%F1# 5.(L
4X%&&'&744F1C.(W.&"# >/CC# </.(# o'%%6'I.4# '&I# ('K# C/F1# %C#
Z3(7.&#%&"#nG(/7.&4#/40#Z3(0#@.%7.(#/C#B.KQ&7&/4"#EF1#76%'G.#
?.7.&# R/.G40%164"# $31&# 53C# HY(3# I.4# T.:03(4# ;&D# $31&# [.&L
03&#R%0'CD#*l"#*"#,*#>%F1(/F10D#2%40#R'#&/F104#W'#0'&f#V37.(#
HY(3/&0.(&.4# Z.C3# ;&D# V37.(# 53&D# $31&# H.0(/KK0D# B&%I.&634.#
[6./&:(QC.(./#I'(F1#(YF:4/F104634.5(7.4.0W0.&#$%)#/F1#?.(L
I.# ./&.&# H(/.K# %&# a%(634# R.0?./66.(# 4F1(./G.&)# I.&# >%0/3&%6#
H33:#;?%(I#B.?/&&.(#<3C#&QF140.&#$%1(#
#
$31&#
#
9=D#R'#G(%'F140#R/F1#&/F10#W'#G.I%&:.&#
!
'!
*l"#$%&'%(#*+,*#
#
Z("#a%(634#R.0?./66.(#
*!A#M"#*!01#=0(..0)#;X0"#M#
a.&0(%6#]%664)#V13I.#E46%&I#!8bbb#
#
T/.G.(#Z("#R.0?./66.()#
#
I%&:.# KY(# E1(.&# /&0.(.44%&0.&# H(/.K# <3C# !"# $%&'%(# '&I# I.(#
:'(W.&#%G.(#K%4W/&/.(.&I.&#H.4F1(./G'&7#/1(.4#H'F1.4#OP%1(.#
B.4F1/F10.&# IQC3&/4F1.(# 2./C4'F1'&7.&O"# EF1# ?Y(I.# 7.(&#
./&.#'CK%&7(./F1.(.#-'4%CC.&K%44'&7#I.4#H'F1.4#4.1.&#'&I#
G/00.# =/.# 'C# ./&# X%%(# H./4X/.6:%X/0.6# \<3(W'74?./4.# [%X/0.6# *#
G/4#p_#'&I#E1(.#-'4%CC.&K%44'&7"#H./I.4#L#I/.#[%X/0.6#'&I#I/.#
-'4%CC.&K%44'&7#L#43660.&#=/.#/&#R('F:4F1(/K0#'&I#/&#I3XX.6L
0.(# ;'4KY1('&7# W'4F1/F:.&)# /&# 7'0.(# o'%6/0Q0# '&I# %'K# 7'0.C#
9%X/.()#Z%(:.#H3&I#\&/F10#I/.4.4#R'(F14F16%74X%X/.()#I/.#7%&L
W.&# [%X/0.6# 1%G.&# 43# ./&.# ;(0# /&# I.(# 9340# W'# <.(4F1?/&I.&_"#
P/.# =/.# ?/44.&# /40# -.&/01# ./&# :6./&.(# 9%X.(G%F:L5.(6%7# '&I#
'&4.(#I.(W./0/7.4#;&7.G30#6%40.0#'&4#%'4"#R%#?/(#&'(#i(/7/&%6.#
<.(6.7.&)# G.:3CC.&# ?/(# </.6.# ;&7.G30."# R%# ?/(# ./&# :6./&.4#
2%'4# 4/&I# 4F1/F:.&# ?/(# I/.# C./40.&# ;&7.G30.# ?/.I.(# W'(YF:)#
4/.# .&04X(.F1.&# 3K0# &/F10# '&4.(.&# I.(W./0/7.&# ;&K3(I.('&7.&"#
EF1# 4%7.# E1&.&# I%4)# I%C/0# 4/.# 7.?%(&0# 4/&I"# H.0(%F10.&# =/.#
I/.4.&#H(/.K#G/00.#&/F10#%64#./&..(0(%7)#/1(#H'F1#W'#<.(6.7.&)#
I%4# /40# I.K/&/0/<# &/F10# I.(# ]%66"# EF1# ?Y(I.# <3(4F16%7.&)# =/.#
4F1/F:.&# I/.# -'4%CC.&K%44'&7# '&I# I/.# H./4X/.6:%X/0.6# '&I#
(.F1&.&#I%C/0)#I%44#.4#CJ76/F1#/40)#I%44#?/(#6.0W06/F1#/1(#H'F1#
%G6.1&.&"#R%&/&I#=/.#%'K#I%4#4F16/CC40.#<3(G.(./0.0"""#3I.(#
%'F1#%&7.&.1C#YG.((%4F10)#43660.&#?/(#C./&.&)#.4#/40#I%4#(/F1L
0/7.#KY(#-.&/01#H33:4"#
-'C# =F16'44# &3F1# I/.# ;667.C./&.&# B.4F1QK04G.I/&7'&7.&#
%'K# I/.# '&4.(.# V.F104%G0./6'&7# \'&I)# 43?./0# /F1# ?./N)# I/.#
V.F104%G0./6'&7.&# %66.(# 5.(6%7._# G.40.10D# =/.# CY44.&# I%4#
VYF:X3(03# G./6.7.&# 'C# 4/F1.(# W'# 40.66.&)# I%44# =/.# E1(# Z%&'L
4:(/X0#W'(YF:.(1%60.&#\%G.(#G/00.#:./&#H%(7.6I_"#=/.#43660.&#?/4L
4.&)#I%44#-.&/01#23'4.#:./&.#B.?Q1(#KY(#I/.#4/F1.(.#VYF::.1(#
E1(.4#Z%&'4:(/X04#YG.(&/CC0)#3G?316#?/(#&%0Y(6/F1#%66.#CJ76/L
F1.&# =/F1.(1./04<3(:.1('&7.&# 0(.KK.&"# -'I.C)# ?/.# /F1# G.(./04#
(!
3G.&# .(:6Q(0.)# /40# '&4.(.# -'40/CC'&7)# I%4# Z%&'4:(/X0# %&W'L
4F1%'.&)#&3F1#:./&.#-'4%7.)#.4#W'#<.(6.7.&"#
EF1#.(?%(0.#/1(.#;&0?3(0#'&I#13KK.)#=/.#1%G.&#:./&.#M/&?Q&L
I."#
#
Z/0#K(.'&I6/F1.&#B(YN.&##
#
$31&#[.&03&##
[3CX%7&3&#T.:03(#
-.&/01#23'4.)#5.(6%7#
!+8#9%(:#;<.&'.#=3'01#
>.?#@3(:)#>.?#@3(:#*88*A#
#
#
mmm#
#
#
H#Y#(#3#/#�#.#(#&#.#4###Z#.#C#3#
;>D#V37.(##
5i>D#$31&#
HMUVE]]UD#%'K#C.1(#]6./N#"""#
#
EF1# 7.G.# R/(# (.F10"# EF1# 4F1(./G.# W'# </.6"# ;&# I/.4.4# Z.C3# /40#
./&.#[3X/.#C./&.4#H(/.K.4#%&#R.0?./66.(#%&7.1.K0.0"#=/.10#%'4#
?/.# ./&.# -'4%CC.&K%44'&7# <3&# qR/.# >%F:0.# '&I# I.(# U3Ir)#
&/F10#?%1(f##
#
$31&#
!
)!
b*"#$%&'%()#*+,*#
#
#
Z("#$31&#[.&03&)#T.:03(#
-.&/01#23'4.)#5.(6.7.(#
!+8#9%(:#;<.&'.#=3'01##
>.?@3(:)#>.?@3(:#*88*A##
#
#
T/.G.(#Z("#[.&03&)#
#
I%&:.# KY(# E1(.&# H(/.K# <3C# *l"# $%&'%()# ?.6F1.&# /F1# .(1%60.&#
1%G."#EF1#4F1/F:.#I%4#<36640Q&I/7.#Z%&'4:(/X0#<3&#qP%1(.#B.L
4F1/F10.&# IQC3&/4F1.(# 2./C4'F1'&7.&r# C3(7.&# %G"# EF1# 1%G.#
.0?%4# ?.&/7# B.6I# 1.'0.)# %G.(# C./&.# a1.K/&# Z(4"# H%(K/.6I#
4F1'6I.0# C/(# &3F1# .0?%4# YG.(# KY&K# R366%(# <3C# B6YF:44X/.6"#
$'&7.)# 4/.# /40# ?/(:6/F1# ./&# U(300.6)# ?.&&# .4# 'C# I/.4.# :6./&.&#
[%(0..10)#I/.#I'#%'KI.F:40"##
EF1# ?Y(I.# E1&.&# h%# ./&.# q-'4%CC.&K%44'&7r# 4F1/F:.&)# ?/.#
=/.#4%7.&)#%G.(#.4#6/.70#:./&#=/&&#I%(/&)#?3#=/.#.4#I3F1#4.6G40#
6.4.&# :J&&.&"# P/.# Z("# [..&# %'4# C./&.C# 2%'4# /CC.(# 4%70)#
qP.41%6G# ./&.&# B%40# G.4F1(./G.&# ?.&&# I'# I/.4.&# B%40# 4.1.&#
:%&&40r"#Z("#[..&#/40#&/F10#?/(:6/F1#:6'7)#%G.(#.(#4%70#1/&#'&I#
?/.I.(#.0?%4#4F16%'.4#?/.#I%4"#EF1#1%G.#C%6#<.(4'F10)#/1&#/&#
I.&# 0/.K.(.&# B.1./C&/44.&# W'# '&0.(?./4.&# '&I# .(# 4%70.# &'(#
q$.I.C# I%4# =./&.)# a%(634r"# EF1# 76%'G.# =/.# 40/CC.&# C/(# W')#
I%44# I%4# ./&# I'CC.(# [3CC.&0%(# ?%()# I.(# &'(# ?/0W/7# :6/&70"#
>'&)#I%#?/(#'&4#&/F10#C/0#./&.(#qZ%&'4:(/X0W'4%CC.&K%44'&7r#
1.('C4F16%7.&# CY44.&)# ?.(I.# /F1# E1&.&# /&# C./&.C# H(/.K# .0L
?%4#YG.(#C/F1#.(WQ16.&"#EF1#G/&#bp#\3G?316#h.I.(#4%70#/F1#4.1.#
Q60.(# %'4_"# EF1# %(G./0.# /C# a.&0(%6# ]%664# H6'C.&1%'4# KY(# Z(4"#
U/&%#H%(K/.6I)#I/.#C./&.#Z'00.(#:%&&0.)#%64#C./&.#Z'00.(#&3F1#
6.G0."# EF1# G/&# %C# b!"# ZQ(W# 7.G3(.&)# %64# P/II.("# P/II.(C.&L
4F1.&# 4/&I)# ?/.# =/.# ?/44.&)# 4.1(# YG.(4/&&6/F1)#%G.(# ?/6I"# -'C#
B6YF:# KY(# C/F1# /40# C./&# ;4W.&I.&0# ]/4F1."# R.(# 7/G0# C/(# I/.#
[3&0(366.)#I/.#/F1#G(%'F1.)#'C#C/0#I.(#YG.(4/&&6/F1.&#P.60#:6%(#
W'#:3CC.&"#EF1#1%G.#<.(4'F10)#Z("#[..&#I%4#%66.4#W'#.(:6Q(.&)#
%G.(# .(# 4%70# &'(# qM4# 7/G0# 4F13&# C%&F1.4# 4F16./C/7.4# %&# I/(#
a%(634r"# M(# C%F10# /CC.(# 436F1.# =F1.(W.# '&I# C%&F1C%6# :%&&#
.(#4.1(#&.(<.&"#
*+!
;G.(#7.&'7#<3&#C/("#
EF1#1%G.#4/.G.&#$%1(.#%&#I.&#qP%1(.&#B.4F1/F10.&#IQC3&/L
4F1.(#2./C4'F1'&7.&r#7.%(G./0.0#\4./0#/F1#*l#?%(_"#
5/.6.# I.(# E&K3(C%0/3&.&# I%(/%G.#/F1# <3C# i'/h%LH(.00# G.L
:3CC.&"# EF1# 1%G.# I%4# i'/h%LH(.00# C./40# C/0# C./&.(# Z'00.()#
Z(4"#H%(K/.6I)#R3&#H%(K/.6I#\.(#/40#h.0W0#030_#'&I#C%&F1C%6#./L
&.C# C./&.(# ](.'&I.# 2.(G# 2%740(3C# G.&'0W0# \%'F1# .(# /40# 030)#
%(C.(#H'(4F1._"#]Y(#./&.#P./6.#?%(.&#%'F1#./&C%6#%&I.(.#'&L
4.(.C#:6./&.&#[(./4#G./7.0(.0.&"#R%C%64#/&#'&4.(.'0.&#U%L
7.&#?%(.&#C./&.#Z'00.(#'&I#/F1#4.1(#q:3&0%:0K(.'I/7r`#
M/&/7.# I.(# R/&7.)# I/.# ?/(# C/0# I.C# i'/h%LH(.00# 1.(%'47.K'&L
I.%G.&)#4/&I#/&#qM/&W.61./0.&#I/.#I%4#H6'0#/&#I.&#;I.(.L
(/&&.&# 6%44.&r# <3&# qP%1(.# B.4F1/F10.&# IQC3&/4F1.(# 2./C4'L
F1'&7.&r#G.4F1(/.G.&"#
*"#R%4#5.(4F1?/&I.&#<3&#;C.6/%#M%(1%(0#?%(#0%04QF16/F1#I/.#
U%0#I.(#RQC3&.&`#
b"#U.'K6/4F1.#[(QK0.#?%(.&#%'K#I.(#2"Z"="#U/0%&/F#%C#P.(:"#
p"#R/.#M(4F1./&'&7)#I/.#V/F1%(I#>/e3%00."#
!"#M4#?/(I#./&.	(Q4/I.&0.&#%'4#;(:%&4%4#7.G.&`#
d"#g&I#&3F1#C.1("#
>%0Y(6/F1# /40# I%4# &/F10# %66.4"# q=0.66# C/F1# &/F10# %G)# /F1# 6%'K.#
7.(%I.#.(40#?%(Cr#?/.#Z("#[..&#/CC.(#4%70"#E&#</.6.&#R/&7.&#
/40#qP%1(.#B.4F1/F10.&#IQC3&/4F1.(#2./C4'F1'&7.&r#?/.#I%4#
>.:(3&3C/:3&)#%'N.(#I%44#I%4#H'F1#%'47.I%F10#?%(#\W'4%CL
C.&7.40.660# <3&# 2"9"# T3<.F(%K0)# I.(# %'F1# %'4# V13I.# E46%&I#
40%CC0_#'&I#C./&.4#/40#?%1("#EF1#1%G.#<.(G6YKK.&I.#B.4F1/F1L
0.&#<3F1?%(WC%7/4F1..e.&4%GG%04)#G./#I.&.&#/F1#I%G./#
?%()#/&I.C#/F1#./&.&#-%'G.(0(%&:#7.&3CC.%G.#'&I#I'(F1#
I.&#S01.(#W'#I/.4.&#U(.KK..K637.&#G/&#\.(40#<3(#:'(W.C#?%(#
/F1#G./#2.e.&4%GG%04#/&#iC%1%)#>.G")#]6%740%KK)#;(/W"#'&I#]%66#
V/<.()#Z%44"#31&.#h.C%64#I/.#H.1%76/F1:./0#C./&.4#2./C4#<.(L
6%44.&# W'# CY44.&_"# =/.# K(%7.&# h.0W0# CJ76/F1.(?./4.# qa%(634)#
G.I.'0.0#I%4)#=/.#4/&I#./&#=0'I.&0#I.(#4F1?%(W.&#[Y&40.fr#$%)#
%G.(#:./&.#=3(7."#H./#%66#I.C#G6./G.&#=/.#C./&.#qH.W/.1'&7r)#
'C#C./&#H'F1#1.(%'4G(/&7.&#W'#:J&&.&)#40/CC0s#4f#
P/.# /F1# E1&.&# /&# C./&.C# 6.0W0.&# H(/.K# G.(./04# C/00./60.# 7/G0#
.4#%'F1#./&#[%X/0.6#qR/.#P.60#I.(#-%'G.(4X(YF1.r)#I%4#I/.#C./L
40.&# Z.&4F1.&# 4.1(# /&0.(.44%&0# K/&I.&# ?.(I.&"# R/.# ;(G./0# /&#
./&.C#B.?QF141%'4#'&I#H6'C.&7.4F1QK0# ./7&.0#4/F1#4.1(#7'0#
W'C#;(G./0.&#C/0#-%'G.(4X(YF1.&"#
!
**!
R/.#C./40.&#.(K3(I.(&#K(/4F1.#[(Q'0.(#'&I#9K6%&W.&"#EF1#:%&&#
4.1(#7'0#'C7.1.&#C/0#9K6%&W.&)#Z(4"#H%(K/.6I#?Y(I.#/1&.&#I%4#
437%(#G.40Q0/7.&)#'&I#/F1#WYF10.#7.(%I.#./&.#4.1(#C.(:?Y(I/L
7.# %'K# I.(# VYF:4./0.# I.4# B.?QF141%'4.4"# ZJ76/F1.(?./4.# /40#
.4#W'#4XQ0)#'C#4/.#/&#I.C#H'F1#'&0.(W'G(/&7.&)#%G.(#?/.#Z("#
[..&#C%&F1C%6#W'#C/(#4%70D#
qa%(634)#I/.#-./0)#%&#C3(7.&#W'#I.&:.&)#/40#7.40.(&r"#
ZJ76/F1.(?./4.#:J&&0.&#?/(#./&.#]3(04.0W'&7#1.(%'4G(/&7.&)#
qZ.(:?Y(I/7.#9K6%&W.&r"#T%44.&#=/.#C/F1#?/44.&)#?/.#=/.#I%(L
YG.(#I.&:.&"#
EF1# ?.(I.# h.0W0# 4F16/.N.&"# U./6.&# =/.# C/(# C/0)#?.&&# =/.# I%4#
Z%&'4:(/X0#.(1%60.%G.&)#\./&.#9340:%(0.#(./F10_#'&I#0(%7.&#
=/.#C/F1#43#G%6I#?/.#CJ76/F1#%'K#E1(.(#U%&0/.C.&6/40.#./&#'&I#
?%4# 43&40# 43# &J0/7# /40"# EF1# :%&&# %&# /(7.&I./&.C# R3&&.(40%7#
C/0#I.C#-'7#3I.(#I.C#B(.j13'&ILH'4#&%F1# >"@"a"#:3CC.&)#
K%664#=/.#./.(6%74LM44.&#?Y&4F1.I.(#=/.#:3CC..(#'&I#
/F1#?.(I.#=/.#Z(4"#H%(K/.6I#'&I#Z("#[..&#<3(40.66.&"#EF1#1%G.#
%'F1# C.1(# ]3037(%K/.&# %64# I/.)# I/.# /F1# E1&.&# 4F1/F:."# EF1# G/&#
76YF:6/F1)# I%44# =/.# qP%1(.# B.4F1/F10.&# IQC3&/4F1.(# 2./C4'L
F1'&7.&r#<.(6.7.&"#
#
#
E1(#&.'.(#;'03(##
#
a%(634#R.0?./66.(#
*!A#M"#*!01#=0")#;X0"#M#
a.&0(%6#]%664)#V"E"#!8bbb#
*"!
H#Y#(#3#/#�#.#(#&#.#4###Z#.#C#3#
;>D#V37.(#
5i>D#$31&##
HMUVE]]UD#OP%1(.#B.4F1/F10.&#IQC3&/4F1.(#2./C4'F1'&7.&O)#
<3&#a%(634#R.0?./66.(#
#
EF1# 1%G.# 7.(%I.# ./&.&# 4./&# H'F1# G.0(.KK.&I.&# H(/.K# <3&# R.0L
?./66.(# G.:3CC.&"# EF1# 76%'G.)# C/0# I.(# ;'KK3(I.('&7# %&# /1&)#
.0?%4#W'#4F1/F:.&)#1%G.#/F1#I.F16/CC40.&#].16.(#/&#C./&.(#
T%'KG%1&# %64# T.:03(# 7.C%F10"# ;''1)# C./&.# 2%'0# G.7/&&0# W'#
4F1C.(W.&"""##
#
#
mmm#
#
#
;'4#I.C#HY(3#I.4#a1.K6.:03(4#
;>D#$31&#[.&03&#
R;UgZD#bp"#*"#,*#
#
P/.#C%/F1#G.00.0)#43#6/.70#C%&"#g&I#4F16/.N6/F1#:J&&.&#?/(#
h%#/CC.(#&3F1#./&.&#B1340?(/0.(#%&1.'.(&)#40/CC0s4f#2%L1%"##
#
V37.(#
!
*#!
bd"#$%&'%(#*+,*##
#
T/.G.#V'01)#
#
/F1# KY16.# C/F1# K%40# ?/.# /C# Z'00.(6./G# L# U./6.# I.(# ='&I%j# >.?#
@3(:#U/C.4#%'K#I.C#]6'()#./&.#%60.#=/C3&#%&I#B%(K'&:.6L96%00.#
/&#I.(#=0.(.3%&6%7.)#./&.#H633Ij#Z%(j#&.G.&#C./&.(#2%&I"#R.(#
V.7.�(3XK0#%&#I/.#=F1./G.)#C%F10#%66.4#&3F1#.0?%4#7.CY06/L
F1.("#5.(4'F1.#/F1#R/(#2./C?.1#W'#C%F1.&f#B'0)#</.66./F10#./&#
:6./&.4# G/44F1.&"# T.0W06/F1# 7/G0# .4# ./&.# ./&W/7.# =%F1.)# I/.# I.(#
=W.&.# K.160)# I%4# G/40# R'"# g&I# </.66./F10# X%II.640# R'# 7.(%I.#
h.&4./04#./&.4#P.66.&:%CC4#C/0#R./&.C#='(KG(.00#?Q1(.&I#/F1#
I/.4.#P3(0.#4F1(./G.#\'&I#0(Q740#./&.&#H/:/&/)#.1.(#.&0G6JN.&I#
%64#<.(1Y66.&I_"#
EF1#?./N#&%0Y(6/F1)#I%44#R'#1%(0#%(G./0.40#\<.(C'06/F1#&/F10#W'#
1%(0_# '&I# /F1# G/&# 4/F1.()# I%44# I.(# 91R# ./&# .F10.(# ='X.(L2/0#
?/(I"#M4#/40#&'()#I%44#I/.#6.0W0.#P3F1.#./&.#(/F10/7.#23((3(413?#
KY(#C/F1#?%("#g&I#/F1#KY(F10.#.4#:3CC0#&3F1#4F16/CC.("#g&0.(#
%&I.(.C# 1%0# C/(# V37.(# P./04F1?./K/7:./0# <3(7.?3(K.&# \7'0)#
0%04QF16/F1# ?%(# I%4# I/.# P3F1.# I%<3()# %G.(# R'# ?./N0)# ?%4# /F1#
C./&._#'&I#/F1#KY16.#./&.&#&.'.&#;&K%66#<3&#P./04F1?./K/7:./0#
:3CC.&"#5.(4'F1.#.4#W'#.(0(%7.&)#3:%jf#
B('&I4Q0W6/F1# /40# I%4# 9(3G6.C# a%(634# R.0?./66.(# \C/0# ./&.C#
>%C.&# ?/.# I/.4.C# :J&&0.# .(# &/F104# %&I.(.4# 4./&# %64# ./&# 9(3L
G6.C)# 3I.(f_"# M(# /40# I%G./# W'C# :'(WK(/40/7.&# 9(3G6.C# W'# ?.(L
I.&)# I.(# %60.# a%(634)# ?/.# B/K04'C%F1# 3I.(# Z'&IX/6W"# R%4# 9(3L
G6.C#:'(WK(/40/7#.(:%&&0#W'#1%G.&)#.(6./F10.(0#L#7.&%'#?/.#G./#
I/.4.&# G./I.&# R/&7.&# L# &/F10# I.&# =F1C.(W"# M4# 1Q60# I/F1# &'(#
I%<3&#%G)#<.((YF:0#W'#?.(I.&"#
V37.(# 1%0# (.F10)# /F1# 0.&I/.(.# W'(# P./04F1?./K/7:./0"# R%4# /40#
&/F10# I%4# 76./F1.# ?/.# B.4F1?Q0W/7:./0"# EF1# ?.(I.# <.(4'F1.&)#
I%4#W'#<.(C./I.&"#
;643# I/.# ]%:0.&D# P/.# R'# ?./N0)# G.:3CC.&# ?/(# h.I.# P3F1.#
I(./N/7# 3I.(# </.(W/7# ;&7.G30.# t'.(G..0"# g&I# t'.(# I'(F1# %66.#
H.(./F1.# /40# h.I.4# %I(.44/.(0# C/0# qB.&06.C.&r)# qT/.G.(# 2.((r#
3I.(# q;&# I.&# -'40Q&I/7.&r"# Z/0# %&I.(.&# P3(0.&# L# ./&# '&<.(L
6%&70#./&7.4%&I0.4#Z%&'4:(/X0"#B'0"""#.4#4/&I#&/F10#%66.4#Z%&'L
4:(/X0.)# .0?%# I/.# 2Q6K0.# I%<3&# /40# .0?%4# ?%4# '&4.(.# 1/XX.&#
5.(6%74G'(4F1.&#q[.&&.&6.(&LH(/.K.r#&.&&.&#\M(CYI.#/F1#R/F1#
*$!
C/0# %66# I/.4.&# M(:6Q('&7.&# 4F13&f# R'# 43660.40# a%(634# 6.0W0.&#
H(/.K#6.4.&#L#I.(#?Y(I.#R/F1#KY(s4#7%&W#T.G.&#%G4F1(.F:.&_"#
P/.#%'F1#/CC.()#.4#43660.&#%66.4#q[.&&.&6.(&LH(/.K.r#4./&)#'C#
%'4#I/.4.C#P'40#1.(%'4W'(%7.&)#I%4#?Q(.#I/.#G.40.#U%:0/:"#
P/.#++#9(3W.&0#%66.(#5.(6.7.(#/&#>.?#@3(:#6.4.&#?/(#:./&.#'&L
%&7.K3(I.(0.&# Z%&'4:(/X0.# C.1()# W'C/&I.40# /40# I%4# '&4.(.#
3KK/W/.66.#936/0/:"#=3#4%70#.4#I.(#P(/0.(s4#Z%(:.0)#P(/0.(s4#@.%(L
G33:)# U1.# ](..6%&F.# '&I# U1.# 9.&# >.?46.00.("# ;G.(# 4F1./&G%(#
6.4.&#./&.#Z.&7.#I.(#ZJF10.(7.(&LP36<.4#'&I#2.C/&7?%j4#I%#
I(%'N.&#I/.4.#R/&7.#&/F10)#3I.(#76%'G.&#&/F10)#?%4#4/.#I%#6.L
4.&)#3I.(#/7&3(/.(.&#.4#./&K%F1"#Z3003D#='F1#I/(#(%'4)#?%4#I/(#
X%440"#
E&#I.&#C./40.&#]Q66.&#?.(K.&#?/(#W'C/&I.40#./&.&#H6/F:#%'K#I.&#
ZY66)# 3G# .4# C%4F1/&.7.4F1(/.G.&# /40# \G/00.# 6%44# &/F104# I%<3&#
I'(F1G6/F:.&# 3I.(# ?/(# ?.(I.&# C/0# Z%&'4:(/X0.&# YG.(L
4F1?.CC0#'&I#V37.(#?/(I#C/F1#?%1(4F1./&6/F1#.(4F1/.N.&)#.(#
/40# &%1.# I(%&)# 76%'G.# /F1_"# $.I.&K%664)# ./&K%F1.# T.'0.# :%C.&#
YG.(# I.&# 9340?.7# (./&# '&I# ?'(I.&# <3&# ./&/7.&# V.I%:0.'(.&#
7.6.4.&#'&I#.4#.(7%G#4/F1)#I%44#4/F1#I/.#=03(j#%64#1J66/4F1#7'0#
1.(%'440.660."# ;G.(# I%KY(# L# I%4# /40# :6%(# L# 40.1.&# I/.# a1%&F.&#
./&4# W'# ./&.(# Z/66/3&"# EF1# 1%G.# &/.# ./&# '&%'K7.K3(I.(0# ./&7.L
4%&I0.4# Z%&'4:(/X0# 7.4.1.&)# I%4# &%F1# C.1(# %'44%1# %64# &%F1#
I.(#;(G./0#./&.4#1.66.&#]Y&K0:6Q446.(4"#>%0Y(6/F1#/40#-.&/01#23'L
4.#4F1?.(6/F1#;6K(.I#;"#[&3XK#\'&4.(#KY1(.&I.(#U/0.6#KY(#].G('L
%(#/40#q=:3(X/3&.#%'4#I.(#2J66.r)#<3&#;&013&j#T"#["#T%=F3(G/%)#
4./&.#]3(04.0W'&7#<3&#qV%00.&#%'4#I.(#2J66.r#_)#%G.(#.7%6"""I'#
13KK40"""##
R.0?./66.(#h.I.&K%664#1%0#I%4#9(303:366#G.K3670#'&I#./&.#;&K(%7.#
7.4F1(/.G.&"# 2.(G# 93(0.()# =%&I(%# $%F:43&)# H/66# B.6G# '&I# /F1#
0./60.&#'&4)#?%4#/&#I/.4.(#P3F1.#(./&:%C#L#?/.#h.I.&#Z3&0%7"#
g&I# /F1# 1%00.# I%4# 9.F1)# 7.(%I.# I/.4.&# W'# G.:3CC.&"# >%F1#
I.C# T.4.&# '&I# /&&.(6/F1.&# R.G%00.&)# .0?%# bd# Z/&'0.&)# \6%&7#
7.&'7#'C#V37.(#./&#%'44F1?./K.&I.4#Z.C3#W'#I.C#U1.C%#W'#
4F1/F:.&)# I%44# /F1# '&0.(# I.&# gC40Q&I.&# CJ76/F1.(?./4.# ./&.#
a1%&F.#4Q1._)#4F1(/.G#/F1#R.0?./66.(#./&.&#H(/.K#/&#I.C#/F1#/1&#
'C# ./&/7.# H./4X/.6:%X/0.6# G%0# '&I# ./&.&# nG.(G6/F:# <3C# V.40"#
g&I#6.0W0.&# ](./0%7# G.:%C# /F1# ./&.&# H(/.K# """# 7'0)# 'C# .4# :'(W#
W'#C%F1.&)#/F1#G/&#&/F10#4/F1.(#?/.#/F1#/1&#G.4F1(./G.ᄎ"#M(#
4F1./&0#./&#bphQ1(/7.(#2.6K.(#./&.(#]63(/40/&#%'4#a.&0(%6#]%664#W'#
4./&)# C/0# ./&.(# ]/e/.('&7# %'K# 4./&.# Z'00.(# '&I# I.(# nG.(W.'L
!
*%!
7'&7)# I%44# .(# %&# 2.e.&4%GG%04# YG.(%66# /&# ;C.(/:%# 0./6&/CC0#
?Q1(.&I# .(# 1/71# <3&# ./&.(# Z'4:%0&'44# /40)# 3I.(# 43# ?%4"# EF1#
40.66.#C/(#2.e.&0(.KK.&#%'K#Z30.6X%(:X6Q0W.&#<3("#
EF1# I%F10.)# a%(634s# qP%1(.# B.4F1/F10.&# IQC3&/4F1.(# 2./C4'L
F1'&7.&r# \EF1# G/&# %&# I.C# 9'&:0# %&7.:3CC.&)# ?3# %66./&# I.(#
U/0.6#C/F1#.(G6%44.Q440#'&I#C/(#I/.#=F1'1.#%'4W/.10_#:J&&0.#
</.66./F10# I%4# MeX.(/C.&0# ./&.4# 9'G.(0/.(.&I.&# 4./&)# .0?%4)#
I%4# 7.:Y(W0# '&I# %'K7.X.XX0# '&I# I.C# ;C/0j</66.# 23((3(# 9'G6/L
:'C#<.(:%'K0#?.(I.&#:%&&"#=./&#'(4X(Y&76/F1.(#H(/.K#?%(#:'(W)#
?./N0# R')# '&I# <366# <3&# I/.4.&# 4F16%7.&I.&# :6./&.&# =Q0W.&# L#
='Gh.:0L9(QI/:%0)#='Gh.:0L9(QI/:%0)#X.&7LX.&7LI%&:.LC%s%C#L#
I%44#C%&#I%4#76%'G.&#:3&&0."#g&I#?Q1(.&I#/F1#&/.#I.(#E66'4/L
3&# .(6%7)# I%44# I.(# Z%&&# ./&# =F1(/K040.66.(# 4./)# <.(C'0.0.# /F1#
I3F1# 7.?/44.# ;&4Q0W.# <3&# H/6I'&7)# ?%4# 4/F1# /&W?/4F1.&# 030%6#
7.?%&I.60# 1%0"# U%04%F1.# /40)# ?.&&# /F1# %&# I.&# H(/.K# <3&# R.0L
?./66.(# W'(YF:I.&:.)# 7(YG6.# /F1)# ?/.# /F1# h.C%64# I/.# P3(0.#
1/&:(/0W.6&#:3&&0.#qR%4#1%0#4/F1.(#./&.#;(0#'&%'47.73(.&.#;&L
W/.1'&74:(%K0r"""#%G.(#/F1#4.1.)#/F1#1%G.#.4#7.0%&"#
P%4# &'&f# R'# 4%740# L# 0366.4# B.4F1QK0"# BJ&&.# I.C# Z%&'4:(/X0#
<3&#I.C#=X/&&.(#./&.jCG36/4F1.&#H6/F:#'&I#4.&I.#.4#I%&&#
W'(YF:#C/0#I.C#YG6/F1.&#H(/.K#L#B(YN.#<3&#-.&/014#23'4.#'4?"#
R%4# /40# 4F13&# (/F10/7"""# %G.(# .4# /40# %'F1# K%64F1"# M4# /40# K%64F1)#
?./6#[.(6.#?/.#a%(634#R.0?./66.(#4/F1#%66W'3K0#%64#4F16/CC.#6%'L
4/7.# UjX.&# .&0X'XX.&"# T./F10# 1%40# I'# 4/.# %C# 2%64)# %G.(# 0.'L
K6/4F1#4F1?.(#?/.I.(#634"#R%4#4F16/CC40.#I%(%&#L#/F1#1%G.#V3L
7.(#7.7.&YG.(#/&#C./&.C#'(4X(Y&76/F1.&#Z.C3#YG.(#I%4#H'F1#
I/.4.#U%04%F1.#.(?Q1&0"#EF1#1%G.#/1&#%&#B.&.(%6#2.F:46.(#'&I#
4./&.# qb8# YG.(4/&&6/F1.&# H6'C.&r# .(/&&.(0# L# R'# C'440# C/F1#
I%(%&#.(/&&.(&)#I%44#/F1#R/(#.(WQ16.)#?/.#'&4# I.(#B.&.(%6#C/0#
H(/.K.&#'&I#U.6.K3&%&('K.&#G3CG%(I/.(0#1%0)#&%F1I.C#?/(#4./&#
H'F1#%G7.6.1&0#1%00.&#\R'#:%&&40#.4#&/F10#?/44.&)#2.(G#93(0.(#
G.:%C#.0?%#I/.#76./F1.#Z.&7.#&3F1#C%6"#2.F:46.(#&%&&0.#/1&#
YG(/7.&4# qR.&# .?/7.&# $'I.&r)# ?%4# G/4# 1.'0.# :./&.(# <3&# '&4#
G.7(/KK.%0_"#M(#?'(I.#40Q&I/7#G.6./I/7.&I.(#'&I#7.(%I.#G.L
<3(# 4./&.# =F1?.40.(# /1&# /&# ./&.# ;&40%60# /C# >3(I.&# ./&?./4.&#
6%44.&# :3&&0.)# G./F10.0.# =%&I(%# $%F:43&# C/()# I%44# 4/.# 4/F1#
KY(F10.0#%66./&#&%F1#2%'4.#W'#7.1.&"#=/.#4%70.)#4/.#1%G.#;&740)#
I.(# B.&.(%6# :J&&0.# %'4# ./&.C# I'&:6.&# M/&7%&7# 4X(/&7.&# C/0#
./&.C#Z.44.(#/&#I.(#./&.%&I#'&I#./&.C#=0(%'N#<366.(#YG.(L
4/&&6/F1.(# H6'C.&# /&# I.(# %&I.(.&"# =/.# 4%70.)# I/.# 2J66.# I%(%&#
*&!
?%()# I%44# :./&.(# <3&# '&4# ?'440.# ?/.# .(# %'44%1"# P/(# 1%00.&#
6.I/76/F1#./&#X%%(#=F1(/K0X(3G.(%00#./&.4#H/6I.4#<3&#/1C)#'C#
/1&#W'#.(:.&&.&"##
g&I# &%0Y(6/F1# :6/&70# I%4# h.0W0# %66.4# 4.1(# 6'40/7)# %G.(# .4# ?%(#
&/F10#6'40/7#%64#.4#X%44/.(0."#
R%4# ?%(# .4# .(40)# &%F1I.C# '&4# 4./&.# =F1?.40.(# 4F1(/.G)# I%44#
?/(# 0%04QF16/F1# ./&.# 4./&.(# 1%(C634.(.&# iG4.44/3&.&# ?%(.&#
'&I#&%0Y(6/F1#.&0X'XX0.#.(#4/F1#%64#7.KQ1(6/F1"#](%7#I.&#%6G%&/L
4F1.&# H'4K%1(.()# I.&# .(# &/.I.(7.403F1.&# 1%0"# EF1# ?'440.# I%4#
%66.4#L#/F1#1%G.#V37.(#437%(#I%(%'K#1/&7.?/.4.&#L#'&I#G/&#I.&L
&3F1# C'&0.(# <3(7.0(.0.&# '&I# 1%G.# R.0?./66.(# %'K7.K3(I.(0)#
4/F1#<3(W'40.66.&"#
>%0Y(6/F1)#I/.#%&I.(.#=%F1.#/40#I/.#\'&I#I%#?/(#'&4#43#7'0#:.&L
&.&)# 1%40# R'# .4# CJ76/F1.(?./4.# %'F1# 4F13&# .CXK'&I.&_# L# .4#
.(4F1Y00.(0# C/F1)# /&# 436F1# 7(3N.C# =0/6# Z/40# 7.G%'0# W'# 1%G.&"#
P.&&# 436F1# ./&# :6./&.(# ;&%6X1%G.0# ?/.# a%(634# R.0?./66.(# C/F1#
I.(%(0#W'C#>%((.&#C%F1.&#:3&&0.#\EF1#I%F10.#4./&#H'F1#?Y(L
I.# <3&# ./&.C# B1340?(/0.(# 7.4F1(/.G.&# ?.(I.&)# %G.(# I%4# /40#
:./&.#;'4(.I._)#?/.</.6#7'0.4#Z%0.(/%6#YG.(4.1.#/F1f#H/00.#6%F1#
&/F10"#EF1#C./&.#.4#.(&40"#V37.(#X/.4%F:0#C/F1#40Q&I/7#?.7.&#
C./&.(# q6/0.(%(/4F1.&# ;CG/0/3&.&r# '&I# /F1# &.1C.# %&)# .(# 1%0#
I%4#V.F10#I%W'#\:./&#]3(04F1(/00#G./#I.C#V3C%&#/&#I/.4.(#P3L
F1.# K%664#.4#R/F1#/&0.(.44/.(0)#I/.4.# R.0?./66.(L=%F1.#1%0#C/F1#
W'#4.1(#I.X(/C/.(0_)#C%&#G.I.&:.#?3#I.(#./&40C%6/7.#[3XK#I.(#
H(3?&# g&/<.(4/0Q0# Z/603&# =3F/.0j# 7.6%&I.0# /40# \.(# .&I.0# KY(#
I/.4C%6# I%C/0)# I%44# .(# ;&013&j# T%=F3(G/%# .(C'0/70)# 7.(%I.L
?.74#%./&.C#&.'.40.&#MX34#W'#%(G./0.&L#qP.4X.&#%'4#I.(#
2J66.r_"#;G.(#/F1#76%'G.)#/F1#?Y(I.#76YF:6/F1#%:W.X0/.(.&)#4.F14#
Z3&%0.#6%&7#<3&#I.(#T/0.(%0'(#I.4#W?./K.64K(./#<.((YF:0.&#a%(L
634# R.0?./66.(# ./&7.4F1YF10.(0# W'# ?.(I.&)# W'4Q0W6/F1# I%W'# I/.#
<.(40.F:0.#H.I(31'&7)#I/.#C/0#h.I.C#=F1(./G.&#.0?%4#?.&/7.(#
<.(40.F:0#4./&#?Y(I.)#?.&&#/F1#&'(#4/F1.(#4./&#:J&&0.)#I%44#/F1#
&/F10# %&# .0?%4# 7'0.C# <3(G./7.4F16/00.(0# G/&)# &'(# ?./6# /F1# W'#
%G7.40'CXK0#?%(#KY(#I/.#.&04F1./I.&I.#;&0?3(0"##
EF1#?./N#&/F10)#3G#C/F1#I%4#C.1(#3I.(#?.&/7.(#G.I(YF:0)#%G.(#
V37.(# .(?Q1&0.# /&# ./&.C# 4./&.(# G.(Y1C0.&# Z.C34)# I%44# I%4#
Z'00.('&0.(&.1C.&#I%G./#/40)#-.&/01#C/&I.40.&4#&3F1#./&#?./L
0.(.4#$%1(#B.6.7.&1./0#W'#7.G.&)#4/F1#%'KW'(%XX.6&#'&I#.0?%4#
5.(:%'K4.(K367#W'#G.?./4.&"#M(#1%0#I/.#>%F1(/F10.&#<3%(63?#
M&I.(4)#I.C#a1.KG'F11%60.(#G./#;X.e)#%643#/40#.4#%'7.&4F1./&L
!
*'!
6/F1# 7.&%'# 43"# EF1# I.&:.)# I%4# 4/&I# 7'0.# >%F1(/F10.&)# ?.&&#
C%&#G.I.&:0)#I%44#&/F10#h.I.(#/C#5.(6%7#./&.&#$3G#1%0)#?3#.(#
/&#I/.4.&#U%7./&7.1.&#:%&&)#&/F10#./&C%6#C/0#./&.(#B.4.66L
4F1%K0#I.44.(JN0.(#R%'.(G(.&&.(#I/.#Z%F134.(/./&I#'&I#
I.44.&# 7(JN0.4# 9(3G6.C# &/F10# /40)# I%44# =X/3&.# Z%&'4:(/X0.#
:3X/.(.&)#43#I%44#I/.#]/6C40'I/34#4F13&#C%6#(./&6/&4.&#:J&&.&)#
43&I.(&# [%:.(6%:.&# /C# P%44.(:Y16.("# R/.# >%F1(/F10.&# 4/&I#
CJ76/F1.(?./4.# &/F10# 43# 7'0)# ?.&&# C%&# I%(%&# I.&:0)# C/0# ?/.#
?.&/7#B.6I#?/(#%'4:3CC.&#CY44.&#\:%&./&)#C%&#<.(I/.&0#
I/.#a%(634#R.0?./66.(4#I.(#P.60#?.&&#I%4#C./40.)#?%4#C%&#G/.L
0.&#:%&&)#./5(4F1'44#/J1.#<3&#*,88#R366%(#/40_#'&I#?/.#
G.4F1/44.&#'&4.(.#H.4.0W'&7#/40"#
;G.(# &/.C%&I# G./# ;X.e# 1%0# ;1&'&7# <3&# HYF1.(&# 3I.(# I.(.&#
5.(C%(:0'&7"# EF1# W?./K6.# 437%()# 3G# h.C%&I# <3&# /1&.&# ?./N)#
?%('C#4/.#7.(%I.#-.&/01#23'4.#/C#<3(/7.&#$%1(#YG.(&3CC.&#
1%G.&)#%'N.(#I%44#.4#7.4F1%1)#'C#.4#G/66/7#?/.I.(#%GW'403N.&"#
R/.# a1%&F.&)# I%44# ?/(# '&4.(.# 934/0/3&# YG.(# I%4# $%1(# <.(G.4L
4.(&#:J&&.&#\b#9(3W.&0#%'K#I.C#9%X.(G%F:C%(:0)#*d"#%'K#./&.(#
T/40.#<3&#*d_#4/&I#&/F10#4.1(#13F1"#5/.66./F10#?/(I#I%4#%66.4#h%#
C/0#./&.(#23F1W./0#/&#[%6/K3(&/.&#.&I.&)#?%4#H%Gjf#
B'0)#7.&'7#C/0#I.C#g&0.(7%&7#'&I#I.C#U(YG4/&&#L#/F1#?.(I.#
I/.4.&#H(/.K#%G4F1/F:.&#'&I#:%&
KK.&06/F1#C3(7.&#W'(YF:#%&#
C./&#H'F1"#g&I#I.(#&QF140.#H(/.K)#I.&#/F1#R/(#4F1(./G.)#?/(I#
<3&#I.(#7.4F1?Q0W/7.&#q2%40LR'L4F13&L7.?'440rL;(0#4./&"#=366#
/F1#I.&#%60.&#a%(634#K(%7.&)#3G#.(#R/(#./&#X%%(#H'C.&#%'4#a.&L
0(%6#]%664#4F1/F:0f#P%(#&'(#./&#=F1.(W"#
;F1#B.6/.G0.)#
#
$31&#
#
9=D# g&I# 4%7# R./&.(# -/CC.(&%F1G%(/&)# I%44# /F1# &/F10# 76%'G.)#
I%44# I/.# 2.(40.66'&7# I.4# ?.607(JN0.&# 7.&/.NG%(.&# ](/4G..# /(L
7.&I./&.&# P.(0# 1%0)# ?.6F1.&# %'F1# /CC.()# B'/&.44LH'F1# 1/&#
3I.(# 1.("# P.41%6G# K(%740# R'# 4/.# &/F10)# 3G# 4/.#&/F10#6/.G.(# I.&#
P.60(.:3(I# /C# =/0W.&# /&# ./&.(# C/0# =X%71.00/# 7.KY660.&# H%I.L
?%&&.# %'K40.66.&# ?/66f# R.(# .(40.)# I.(# /1&# G(/F10)# 7.?/&&0# ./&.#
:340.&634.#V./4.#&%F1#a.&0(%6#]%664#/&#V13I.#E46%&I"""#
$"
*(!
H#Y#(#3#/#�#.#(#&#.#4###Z#.#C#3#
;>D#V37.(##
5i>D#$31&#
HMUVM]]D# OP%1(.# B.4F1/F10.&# RQC3&/4F1.(# 2./C4'F1'&7O)#
<3&#a%(634#R.0?./66.(#
#
R.0?./66.(4# Z%&'4:(/X0# /40# I/.4.&# Z3(7.&# (./&7.:3CC.&)# ./&L
7.?/F:.60#/`%40/:0Y0.&#'&I#C/0#H/&IK%I..4/F1.(0#\I%4#C./L
40.# I%<3&# :%X'00_)# '&I# %&4F1./&.&I# <3&# h.C%&I.C# 7.0/XX0)#
I.(# .(&401%K0.# C303(/4F1.# 9(3G6.C.# 1%0"# $.I.(# ./&W.6&.# U./6#
I%<3&# /40# 43# 4F16.F10)# ?/.# /F1# G.KY(F10.0# 1%G.# L# 4F1.'N6/F1)#
h.&4./04#h.I.(#23KK&'&7"#
R/.4# :J&&0.# '&I# 43660.# I%4# M&I.# 4./&)# %G.(# ./&/7.# I.(# ]3034)#
I/.# .(# G./7.6.70# 1%0# 4/&I# Q'N.(40# G.'&('1/7.&I)# V37.(# L# '&I#
I%4#/40#:./&#P/0W)#%643#G.1%&I6.#.4#%'F1#G/00.#&/F10#?/.#./&.&"#
M4#/40#./&.#:3C/4F1.#;&1Q'K'&7#<3&#=F1?%(WLP./NL]3034#\C/0#
./&.(# >/:3&# 7.C%F10# 76%'G.# /F1_)# ]%(GI/%4# \%'F1# >/:3&_# '&I#
936%(3/I#=uLA8#]3034"#R/.#C./40.&#I%<3/&I#6QF1.(6/F1#L#C/0L
0.6%60.(6/F1.#ZQ&&.(#'&I#](%'.&#.&0?.I.(#C/0#H%I.CQ&0.6#<36L
6.(# 4.604%C.(# I(%'K7.&Q10.(# -./F1.&# G.:6./I.0)# 3I.(# &%F:0.#
ZQ&&.(# '&I# ](%'.&)# I/.# =F1.&:.6)# G%'C.6&I.# H(Y40.# '&I#
=F1C.(GQ'F1.# .&0G6JN.&"# =/.# W./7.&# 7.&%'# I%4)# ?%4# 4/F1# I/.#
C./40.&#T.'0.#/&#a.&0(%6#]%664#?316#'&0.(#./&.(#4F1?%(W.&#Z.4L
4.# <3(40.66.&# ?Y(I.&# \%'K# ./&/7.&# I%<3&# /40# ./&# </.6# hY&7.(.(#
Z%&&#W'#4.1.&)#I.(#?%1(4F1./&6/F1#R.0?./66.(#4.6G40#/40#L#I/.4.(#
h'&7.#Z%&&#/40#/CC.(#&'(#<3/&0.&)#3I.(#C/0#4./&.C#B.4/F10#
/&# 0/.K.C# =F1%00.&# %'K7.&3CC.&_)# '&I# I/.# i(04F1%K0# 4F1./&0)#
/&#I.&#C./40.&#]Q66.&)#./&#B.?QF141%'4#W'#4./&#L#7.1J(0#</.6L
6./F10# %'F1# I.(# ]63(/40/&)# G./# I.(# R.0?./66.(# 4./&.&# ;&7%G.&#
W'K367.#%(G./0.0#\:J&&0.#/F1#C/(#W'C/&I.40#<3(40.66.&_"#
g&0.(#/1&.&#/40#%'F1#./&#=0%X.6#C/0#4.F14#913034)#I/.#C/0#qR/.#
2./6/7.# =.%&F.r# G.4F1(/K0.0# ?'(I.&)# '&I# %&7.G6/F1.# iKK.&G%L
('&7.&# W./7.&)# I/.# 43# 3KK.&4/F106/F1# 7.KQ64F10# 4/&I)# I%44# .4#
4F13&# K%40# .(GQ(C6/F1# ?/(:0# \.0?%4)# I%4# ?/.# ./&# C/0# R%jLB63L
]%(G.#%&7.C%60.(#T'K0G%663&#%'44/.10#4F1?.G0#YG.(#I.&#]/&7.(L
4X/0W.&#I.4#Z.I/'C4_"#M/&#=0%X.6#C/0#I(./#]3034#\6%'0.(#=uLA8#
H/6I.(_# W./70# T.1(G'F14F1&%XX4F1Y44.# <.(4F1/.I.&.(# 9K6%&W.&)#
I/.# ?/.# 7/K0/7.# >%F104F1%00.&7.?QF14.)# U366:/(4F1.)# B36I.&.4#
](%'.&1%%()#.0F"#%'44.1.&#\.4#/40#C/(#'&CJ76/F1#W'#4%7.&)#3G#
I/.# H.W./F1&'&7.&# (/F10/7# 4/&I# L# /F1# :%&&# h%# &/F10# C%6# ;13(&#
!
*)!
'&I# [/.K.(# <3&./&%&I.(# '&0.(4F1./I.&^# V'01# ?Y(I.# I%4# ?%1(L
4F1./&6/F1#?/44.&_"#
i:%j)#&'&#I.(#G.'&('1/7.&I.#U./6"#M/&/7.#I.(# ]3034#\</.()#'C#
7.&%'# W'# 4./&_# <3&# I.(# q=F1?%(W.&# Z.44.r# 4366.&# ?316# ./&#
Z.&4F1.&3XK.(# I%(40.66.&# L# '&I# KY(# C/F1# 4/.10# .4# 43# %'4)# %64#
1Q00./.#?/(:6/F1#h.C%&I.&#'C7.G(%F10"#R%4#.(40.#]303#W./70#
./&.&#%60.&#Z%&&#C/0#./&.C#W/.C6/F1#.F10#?/(:.&I.&#;'4I('F:#
X%&/4F1.(# ;&740# /C# B.4/F10)# I.(# 7.K.44.60# %'K# ./&.C# U/4F1# /&#
I.C# 4F13&# .(?Q1&0.&# B.?QF141%'4# 6/.70"# Z.1(.(.# T.'0.# /&#
4F1?%(W.&#V3G.%60.&#/1&#K.40"#R.(#h'&7.&#Z%&&)#I.&#/F1#KY(#
R.0?./66.(#1%60.)#40.10#6/&:4#I%<3&)#&%F:0)#'&I#C/0#.0?%4#/&#I.(#
2%&I)# I%4# ?/.# ./&# =F16%F10C.44.(# %'44/.10"# R%4# W?./0.# W./70#
I%4# Z.44.()# ?/.# .4# %'4# I.(# H('40# I.4# %60.&# Z%&&.4# (%70^# %'K#
I.C#I(/00.(./K0#I.(#Z%&&)#I.&#/F1#KY(#R.0?./66.(#1%60.)#/&#I%4#
T3F1# /&# I.(# H('40# I.4# Z%&&.4^# %'K# I.C# 6.0W0.&# X(Q4.&0/.(0# .(#
I.&#%&I.(.&#./�(3XK.&I.4#R/&7"#R/.4.4#0(3XK.&I.#R/&7#4/.10#
KY(#C/F1#40%(:#&%F1#./&.C#C.&4F16/F1..(W.&#%'4"#
R/.# H/6I.(# :J&&0.&# :3CX6.00.(# 2'CG'7# 4./&)# '&I# /F1# G/&# I.(#
.(40.)#I.(#W'7/G0)#I%44#./%6G?.74#G.7%G0.(#Z%&&#I/.#=X.W/L
%6.KK.:0.# 43# 1/&G.:3CC.&# ?Y(I.)# G.43&I.(4# ?%4# ]3034# G.L
0(/KK0"# ;G.(# I.(# 5.(4'F1)# %'K# I.&# %&I.(.&# ]3034# .0?%4# <3(W'L
0Q'4F1.&)#/40#43#W?./K.6634#3KK.&4/F106/F1)#I%44#/F1#YG.(6.7.)#3G#
I%4#4./&#:%&&"#
;66./&#I.(#;&G6/F:#<3&#/1&.&#(./F10)#I%C/0#/F1#C./&.#[.:4.#%'4L
:30W."# V37.()# ?%4# /40)# ?.&&# ?/(# %'K# ./&.# B('XX.# <3&# T.'0.&#
7.403N.&# 4/&I)# I/.# ?/(:6/F1# Z.&4F1.&# 3XK.(&f# Z%44.&CJ(I.(#
</.66./F10f#Z/(#/40#4F16.F10)#%G.(#0%04QF16/F1#G/&#/F1#.(4F1(3F:.L
&.(#%64#h.C%64#W'<3("#EF1#1Q00.#R/(#I%4#%66.4#4.6G40#4%7.&#:J&L
&.&)#4/F1.()#%G.(#.4#4F1/.&#C/(#?/F10/7)#.4#&/.I.(W'4F1(./G.&)#
7.(%I.#KY(#I.&#]%66)#I%44#.4#4/F1#%64#1%(C634#1.(%'440.660"#B300)#
/F1# ?Y&4F10.# /F1# 1Q00.# &/.C%64# .0?%4# <3&# a%(634#
7300<.(I%CC0.(#R.0?./66.(#7.1J(0"#
[3CC#('&0.(#'&I#4F1%'#4/.#R/(#43#G%6I#?/.#CJ76/F1#%&)#3:%jf#
EF1#?./N#./&K%F1#&/F10)#3G#/F1#I.J(.(#&.1C.&#'&I#I/.#936/L
W./#/&#a.&0(%6#]%664#%&('K.ꪌ.#3I.(#&/F10"#
#
$31&#
"+!
!
"*!
U./6#EE#
""!
"#"#$%&'%(#*+,*#
#
T/.G.#V'01)#
#
.4# ?%(# ?/(:6/F1# 7'0)# C/0# R/(# 6.0W0.# >%F10# W'# 4X(.F1.&"# ;'F1#
?.&&# R'# %'K# I.(# %&I.(.&# =./0.# I.4# T%&I.4# G/40)# /F1# ?Y440.#
&/F10)# ?%4# /F1# 31&.# R/F1# 0'&# ?Y(I."# EF1# 76%'G.# .4# 6/.70# <3(#
%66.C# %&# I.&# ?316# 4F16/CC40.&# Z3&%0.&# C./&.4# T.G.&4)# '&I#
31&.#I%44#/F1#C/0#R/(#4X(.F1.&#:J&&0.)#31&.#R./&.#?%(C1.(L
W/7.#g&0.(40Y0W'&7#?Y440.#/F1#&/F10)#?/.#/F1#I/.#1Q00.#YG.(40.L
1.&# 4366.&"# R.(# %&KQ&76/F1.# =F1(.F:.&# '&I# I/.# =F16'44K367.L
('&7.&# %'4# I/.4.&# H/6I.(&# ?%(.&# 4F1(.F:6/F1)# %G.(# /F1# 1%G.#
.&0I.F:0)#/F1#:%&&#C/0#I.(#;&740#'C7.1.&"#g&I#V37.(#:%&&#/&#
<.(4F16344.&# 4./&)# I.(# X.(43&/K/W/.(0.# <.(:('40.0.# MI/03(# /&# ./L
&.(# R%C3&# V'&j3&LB.4F1/F10.# \3I.(# </.66./F10# /40# .4# H.&#
2.F10)#I.&#/F1#C./&._)#%G.(#/&#P/(:6/F1:./0#1%0#.(#./.(W#%'4#
B36I"#;64#%66#I/.4.#=F1./N.#X%44/.(0.)#?%(#.(#?/.#./&#].64#/&#I.(#
H(%&I'&7# L# .(# 1%0# &/.# 7.?%&:0)# 4./&.# 2/6K.# ?%(# K.64.&K.40"#
=F1(.F:.&# /40# 4F16/CC)# %G.(# /F1# 1%G.# 1.(%'47.K'&I.&# L# I%4#
B.KY16)# I%44# C%&# I.(# 6.0W0.# ;(4F1# /40)# /40# </.6# 4F1(.F:6/F1.("#
P.&&# R'# ;&740# 1%40)# %'K# I./&.&# Z'0# W'(YF:W'7(./K.&"# P.&&#
I'#7.I.CY0/70#?/(40)#C./&.#/F1)#C'440#I'#I/.#6%&7.#R/40%&W#W'#
I./&.(#T/.G40.&#YG.(?/&I.&#'&I#I/F1#%&#/1(.(#=F1'60.(#%'41.'L
6.&"#;66.4#?%4#/F1#4%7.&#?/66#/40#I%&:.#L##I%&:.)#I%44#I'#I%#G/40#
'&I#&/F10#YG.(#C/F1#6%F140"""# 3I.(#C/F1#./j40.(/4F1.4#%60.4#
P./G#&.&&40)#I%4#4/F1#<3(#/1(.C#./7.&.&#=F1%00.&#KY(F10.0"#EF1#
1%00.#./&..0W0.&#U.6.K3&%&('K#6.0W0.#>%F10#&%F1I.C#/F1#C/0#
R/(#7.4X(3F1.%G.#L#<3&#a1/.K#H%(03&#E<.(43&)#<3&#I.(#a.&L
0(%6#]%664#936/F."#M(#?%(#G.C.(:.&4?.(0#&%F14/F10/7)#%G.(#G.<3(#
/F1#R/(#I%4#?.4.&06/F1.#I%<3&#.(WQ16.)#6%44#C/F1#<.(4'F1.&#I/.#
7%&W.# V./1.&K367.# I.(# M(./7&/44.# :6Q(.&)# I/.# 4/F1# W'7.0(%7.&#
1%G.&)# &%F1I.C# /F1# 6.0W0.&# Z/00?3F1# I%4# Z%&'4:(/X0# <3&#
R.00?./6.(#.(1%60.%G."#R./&.#5.(?/(('&7#?%(#<.(40Q&I6/F1#L#
/F1#76%'G.#/F1#:%&&#&'&#./&#G/44F1.&#:6%(.(#4.1.&#&%F1I.C#/F1#
./&.#>%F10#I%(YG.(#7.4F16%K.%G."#\g&I#31&.#U.6.K3&7.4.66L
4F1%K0#/C#i1()#I/.#R366%(4#<3&#C./&.C#B.1%604F1.F:#%G4F1&/XL
X.60_"##
EF1#76%'G.)#/F1#1%G.#I/(#G.(./04#<3&#V37.(4#V.%:0/3&#%'K#I/.#
O2./6/7.&#]3034O#.(WQ160"#=/.#?%(#437%(#40Q(:.(#'&I#'&C/00.6G%L
(.(# %64# C./&."# M(# :%C# /&# C./&# HY(3# ('&0.(# %64# 4./# 1/&0.(# /1C#
!
"#!
I.(# U.'K.6# 1.("# M(# 6/.N# W?./# 5.(:Q'K.(# /&# 4./&.C# ;'N.&GY(3#
?%(0.&#\'&I#?/.#/F1#76%'G.#?%(#.4#]6%&&.(j#iva3&&3(#I.(#./&L
C%6#I%(%'K#1/&7.?/.4.%00.)#I%44#./'0.(#5.(:Q'K.(#4F1?.(#
W'#K/&I.&#/40_)#'&I#%64#/F1#/1C#I/.#]3034#W./70.#?'(I.#.(#G6%44)#
6.70.#4./&.#2%&I#%'K#I.&#Z'&I#'&I#C%F10.#./&/7.#Q'N.(40#'&L
%&7.&.1C.# B.(Q'4F1.)# 43# I%44# /F1# I.&:.# R'# 1Q00.40# 43K3(0#
7.76%'G0)#?%4#/F1#YG.(#I/.#o'%6/0Q0#I.(#]3034#7.4%70#1%G.#\3GL
?316#/&#;&G.0(%F10#I.4#H'F1/&1%604#o'%6/0Q0#./&#C.(:?Y(I/7.4#
P3(0#/40)#%G.(#.4#/40#I%4#./&W/7.)#I%4#W'#X%44.F1./&0_"##
M(#I%F10.#./I.(#W?./#Z/&'0.&#&%F1)#I%&%70.#.(#C/()#.4#
4./#G.44.(#I/.#936/W./#<3&#a.&0(%6#]%664#%&W'('K.&#L#C./&.#.(40.#
g&0.(1%60'&7#C/0#E<.(43&#L#43&40#%G.(#:./&.C#./&#P3(0#W'#4%L
7.&"#
O=/.#:J&&0.#%'F1#7.KQ64F10#4./&O)#4%70.#.(#O%G.(#.4#/40#G.44.(#
%66.4# ZJ76/F1:./0.&# /&# H.0(%F10# W'# W/.1.&"# O=0.F:# 4/.# /&# ./&.#
2Y66.#'&I#G.(Y1(#4/.#%C#G.40.&#&/F10#C.1("#M4#:J&&0.&#]/&7.L
(%GI(YF:.#I(%'K#4./&"O#
O=/.#4.1.&#&/F10#%'4#?/.#]Q64F1'&7.&O#4%70.#/F1"#OiI.(fO#
O>./&"O#
M(#7/&7#W'(YF:#W'#4./&..(:Q'K.(&#'&I#/F1#(/.K#I/.#a3X4#/&#
a.&0(%6# ]%664# %&# L# C./&.# .(40.# g&0.(1%60'&7# C/0# E<.(43&"# M(#
1J(0.# 4/F1# I/.# 7%&W.# B.4F1/F10.# %&# '&I# 6/.N# 4/F1# I%&&# C./&.#
U.6.K3&&'CC.(# 7.G.&"# M(# 4%70.)# .(# ?Y(I.# C/F1# /&# KY&K# Z/&'L
0.&# W'(YF:('K.&)# ?%('C# 4%70.# .(# &/F10"# U%04QF16/F1# (/.K# .(#
4F13&# I(./# Z/&'0.&# 4XQ0.(# ?/.I.(# %&"# M(# K3(I.(0# C/F1# %'K)# I/.#
]3034#W'C#p*"#H.W/(:#/&#I.(#*!8"#9%(:#;<.&'.#=3'01#W'#G(/&L
7.&)#I/.#>.?#@3(:#936/F.#?Y(I.#I/.#O2./6/7.&#]3034O#&%F1#a.&L
0(%6# ]%664# 4.&I.&"# OP/(# 43660.&# 4/.# 7.7.&# I(./# g1(# &%F1C/00%74#
1/.(# 1%G.&O)# C./&0.# .("# O5/.66./F10# .0?%4# K(Y1.("O# EF1# K(%70.#
/1&)# ?%4# .(# G/4# I%1/&# '&0.(&.1C.&# ?Y(I."# O>/F10# </.6O# 4%70.#
.("# OEF1# ?.(I.# ./&.&# 936/W/40.&# /&# -/</6# W'# I/.4.C# 2%'4# I.(#
H6'C.&# 4F1/F:.&# '&I# <.(4'F1.&# W'# .(C/00.6&)# 3G# R.0?./66.(#
&3F1#I3(0#%(G./0.0"#EF1#13KK.)#I%44#I%4#&/F10#</.6#;'K4.1.&#.(L
(.70"#H/4#/F1#I/.#H/6I.(#4.1.#Z("#[.&03&#/40#I%4#%66.4#?%4#/F1#0'&#
:%&&"O#
>'(#C/0#ZY1.#:3&&0.#/F1#C/(#<.(G./N.&#W'#4%7.&)#I%44#.4#I%#
./&.#Z.&7.#C.1(#7.G.)#?%4#.(#0'&#:J&&0."#EF1#?3660.#&/F10#%64#
./�jX/4F1.(#>.?#@3(:.(#.(4F1./&.&#'&I#/F1#?3660.#&/F10)#I%44#
C/F1#I.(#H'(4F1.#76./F1#<3&#;&K%&7#%&#&/F10#6./I.&#:%&&"#g&I#
/F1#1/.60#C/(#<3(#;'7.&)#I%44#E<.(43&#I/.#]3034#&3F1#&/F10#7.L
"$!
4.1.%00."#g&0.(#I/.4.&#gC40Q&I.&#?'(I.#C/(#:6%()#I%44#.(#
(.F10#4F1&.66#%:0/<#?'(I.)#&'(#%'K#I.(#B('&I6%7.#./&.4#;&('K.4#
<3&#./&.C#](.CI.&#L#./&.C#](.CI.&)#I.(#CJ76/F1.(?./4.#./&#
=X/&&.(# ?%("# EF1# 6/.N# C/(# <3&# /1C# <.(4X(.F1.&)# I%44# .(# C/F1#
W'(YF:('K0)#43G%6I#.(#I/.#]3034#1%0"#R%&&#G(%F10.#/F1#4/.#4.6G40#
W'C# p*"# H.W/(:"# =/.# .(?%(0.0.&# C/F1# G.(./04"# M/&# =.(7.%&0#
Uj&I%6.#:%C#%C#MCXK%&7#%'K#C/F1#W'#'&I#&%1C#I/.#2Y66.#C/0#
I.&#]3034"#M(#6/.N#C/F1#<.(4X(.F1.&)#I%44#/F1#/C#HY(3#G6./G.)#
G/4#/F1#<3&#/1C#7.1J(0#1%G."#
OR.(#a.&0(%6#]%664#936/W./F1.K"""O#
O>/F10# /1&O)# 4%70.# Uj&I%6.# %64# 3G# .(# C/0# ./&.C# I(.44/.(0.&#
;KK.X(.F1.&#?Y(I."#Og&4"O#
;66# I/.# ]/6C.# '&I# B.4F1/F10.&# 4/&I# ?%1()# H%Gj# L# .4# I%'.(0#
&/F10# 6%&7.# G/4# I'# I/F1# 4.6G40# ?/.# ./&# [(/C/&.66.(# KY1640"# R'#
.(?%(0.40#I%44#h.C%&I#./&.&#=F1./&?.(K.(#%'K#I/F1#(/F10.0)#./&#
H./&# YG.(# ./&.C# W'4%CC.&7.4F16%7.&.&# U/4F1# <.(1%:0)# 4/F1#
1.(%G6.1&0)# -/7%(.00.&(%'F1# /&# I./&# B.4/F10# G6Q40# '&I# 4%70D#
Oi:%j)# a%(C3Ij)# ?3# 1%40# I'# I/.# T./F1.&# <.(40.F:0fO# $.0W0#
:%&&# /F1# I(YG.(# 6%F1.&)# %G.(# I3(0# ?%(# C/(# 7%&W# 4/F1.(# &/F10#
W'C#T%F1.&#W'C'0."##
EF1# ?3660.)# I%4# Uj&I%6.# 4/F1# I/.# H/6I.(# %&4F1%'0.# '&I# C/(#
4%70.)#?%4#.(#I%(YG.(#I%F10.#L#3G#4/.#%'01.&0/4F1#?Q(.I.(#
&/F10#L#%G.(#.(#4F1.'F10.#C/F1#./&K%F1#1/&%'4"#M4#1%00.#%&7.L
K%&7.&#W'#(.7&.&#'&I#/F1#:3&&0.#:./&#U%e/#G.:3CC.&#%643#6/.K#
/F1#I/.#4/.G.&#H6JF:.#I'(F1&Q440#W'(YF:#W'#-.&/01#23'4."#V3L
7.(# ?%(# /&# C./&.C# HY(3"# EF1# K(%70.# /1&# 3G# I/.# 5.(:Q'K.(# 7.L
7%&7../.&#'&I#.(#4F16.&:.(0.#C/0#I.(#2%&I#/&#I/.#'&7.KQ1(.#
V/F10'&7"#
OM/&.(#W'(YF:#&%F1#o'..&4#'&I#./&.(#W'(YF:#&%F1#H(33:6j&O)#
4%70.# .("#OZ30/</.(0"#=/.#?.(I.&#?./0.(.#d8#[3X/.&#<3&#;C./L
4.&#%'4#I.(#2J66.#<.(:%'K.&)#U(300.6"O#
M(#W37#%&#./&.(#-/7%(.00."#OP%4#1%G.&#I/.#a3X4#7.4%70fO#
EF1#.(WQ160.#/1C)#?%4#Uj&I%6.#C/(#7.4%70#1%00."#
OiC/&J4O)#C./&0.#.("#
O5.(I%CC0#3C/&J4"O#
O=/.#.(4F1./&.&#I/(#.F10)#3I.(fO#
M(#40/CC0.#W')#I%&&#&/F:0.#.("#
OMF10#?/.#I.(#V.7.&"O#
OB'0"O##
OP%4#C./&40#I'#C/0#7'0f#M4#/40#&/F10#7'0#%&#I/.4.&#R/&7.&"O#
!
"%!
#OEF1#C./&0.#&'("""O#
O$%)#/F1#?./N)#?%4#I'#C./&0.40"O#
M(# 40%&I#%'K)#4F1Y00.60.#I/.#H./&.#4./&.(#234.# %'K#I/.4.#;(0#
?/.#.(#.4#/CC.(#0'0#'&I#4%70.)#/F1#4366.#/1&#%&('K.&#?.&&#/F1#
/(7.&I.0?%4#1J(0."#
Og&I#4%7.#W'#:./&.C#/(7.&I./&#P3(0"O#
O2.(G#1%0#./&#X%%(#Z%6#(./&7.4F1%'0"O#4%70.#/F1"#OEF1#76%'G.#
.(#I.&:0)#I'#?/6640#C/F1#K.'.(&"O#
OR/.#EI..#1%0#?%4"#P.&&#.(#I/F1#%'4K(%70"""O#
OTY7.#/F1"O#
OV/F10/7"O#
OECC.(#./.(7&Y7..(G#93(0.(#%&W'6Y7.&"O#
M(#403XX0.#&3F1#./&C%6#%&#I.(#UY()#?3660.#3KK.&G%(#&3F1#.0L
?%4#4%7.&)#I3F1#I%&&#:%C#V/II6.j)#I.(#9340h'&7.)#'&I#6..(0.#
./&.	%X/.(:3(G#C/0#%G7.6.1&0.&#Z%&'4:(/X0.&"#
O=/.# 4/&# 6%'K.&I# 1/.(# I/.4v# &# Z3(h.&)# Z/40%1# ;I6.()# ?366&w4.#
Z/40%1#[.&03&#K.'.(&fO#
O=F1.(#I/F1)#V/II6.jO)#4%70.#V37.()#O'&I#?.&&#I'#&/F10#%'KL
1J(40#I./&.#7%&W.#V%44.#C/0#I/.4.C#.:.61%K0.&#;:W.&0#W'#G.L
6./I/7.&)#K.'.(.#/F1#I/F1"O#
O$3%#=.()#Z/40%1#;I6.(`O#4%70.#V/II6.j#'&I#(3660.#I.	%X/.(L
:3(G#W'(YF:"#O5.(K%0W#C/(#4F13&)#7.1#h%"O#
V37.(#4F1%'0.#C/F1#%&#'&I#(3660.#4./&.#;'7.&#<.(W?./K.60"#
O=3#G%6I#I'#?%4#1J(40O#?/.I.(1360.#.(#'&I#<.(4F1?%&I"O#
EF1# 1J(0.# <3&# a1/.K# E<.(43&# %C# K(Y1.&# >%F1C/00%7"# =./&.#
ZQ&&.(#1%00..(%'4G.:3CC.&)#I%44#R.0?./66.(#/C#2%'4#I.(#
H6'C.&# ?%()# G.4F1QK0/70# ?/.# 7.?J1&6/F1"# M(# 4%70.)# I%44# I%4#
2%'4# I.(# H6'C.&# ./&# &.00.4# 6%&7.W37.&.4# B.GQ'I.# %'K# ./&.(#
=0(%N.#/40#I/.#OG.(7%GO#\E<.(43&4#;'4I('F:_#KY1(0"#=./&.#ZQ&L
&.(# 7/&7.&# (./&)# :%'K0.&# W?./# (30.# V34.&# '&I# 7/&7.&# ?/.I.("#
Z(4"#U/&%#H%(K/.6I)#I/.#(.F10CQN/7.#H.4/0W.(/&)#?%(0.0.#%'K#/1&"#
R.(# [.(6)# I.(# I/.# H6'C.&# 7%G)# 4/.# 4F1&/00# '&I# ./&X%F:0.)# 0('7#
./&# >%C.&44F1/6I)# I%(%'K# 40%&I# a%(634"# E<.(43&4# Z%&&# G.L
4F1(/.G# /1&# %64# .0?%# bd)# I'&:.6)# (.F10# 7'0# %'44.1.&I)# %G.(#
?Y(I.<366"# R.(# Z%&&# C./&0.)# .(# 4F1/.&# 4.1(# 40(.&7)# 6%F10.#
&/F10#</.6"#M4#7/G0#1/&0.(#I.C#B.4F1QK0#./&#%'47.4X(3F1.%&L
7.4# B.?QF141%'4"# ;64# E<.(43&4# Z%&&# I%4# .(?Q1&0.)# .(:6Q(0.#
/1C#Z(4"#H%(K/.6I)#I%44#.4#43#0/.K#?/.#I.(#H63F:#4./)#4/.#&%&&0.#
.4# OR.(# :6./&.# R4F1'&7.6O"# EF1# K(%70.# E<.(43&# 3G# .(# I/.# ]3034#
.(1%60.&# 1%G."# M(# 4%70.# &./&)# %G.(# .(# ?3660.# C/(# G.40Q0/7.&)#
"&!
I%44# R.0?./66.(# I3(0# ?%("# P/44.&I)# I%44# C/F1# I%4# .0?%4# .(L
6./F10.(0.#L#/F1#G(%'F1#I/(#I%4#&/F10#.e0(%#W'#.(:6Q(.&#V'01"##
=3)#&'&#W'#;:0#p)#=W.&.#*#'&I#I/.#2%&I6'&7#?/(I#:(%&:)#?/.#
'&4.(.#$'&74#/&#I.(#P.(G.%G0./6'&7#W'#4%7.&#XK6.7.&"#EF1#.(L
1/.60#./&.&#;&('K#<3&#=.(7.%&0#Uj&I%6.#<3C#p*"#H.W/(:"#M(#4%7L
0.#C/()#I%44#a.&0(%6#]%664#I/.#H/6I.(#.(1%60.&)#I%44#E<.(43/.#
4/F1# %&7.4.1.&# '&I# I%(%'K1/&# R.0?./66.(# W'C# 5.(1J(# 7.1360#
1%G."#Uj&I%6.#?3660.#<3&#C/(#.G.&K%664#./&.#;'44%7."#EF1#43660.#
I%4#Z%&'4:(/X0#'&I#I/.#7.4%C0.#[3((.4X3&I.&W#C/0#R.0?./66.(#
C/0G(/&7.&"#EF1#4%70.#/1C)#/F1#?Q(.#76YF:6/F1#W'#/1C#W'#:3CL
C.&)#43G%6I#/F1#?/.I.(#C/0#E<.(43.4X(3F1.Q00."#EF1#?Y(L
I.#I.	/67.(#%&#I.(#9.&&#=0%0/3&#&3F1#.((./F1.&#'&I#I.&#-'7#
7.(%I.?.74"""O#
OH/00.# ('K.&# 4/.# &/.C%&I.&# %&O)# 4%70.# Uj&I%6.# O'&I# K%1(.&#
=/.#&/(7.&I?31/&#L#&/(7.&I?31/&#Z("#[.&03&#L#G/4#4/.#/1(.#]YN.#
1/.(#1.(7.4.0W0#'&I#./&.#;'44%7.#7.C%F10#1%G.&"O#
EF1#1%00.#./&.&#%&40(.&7.&I.&#U%7#1/&0.(#C/()#/CC.(#%&#I.(#
B(.&W."# Z./&# &.(<J4.(# -'40%&I# ?'(I.# /CC.(# 4F16/CC.(# 40%00#
G.44.(#'&I#/F1#76%'G.)#/F1#(%'&W0.#I.&#[.(6#%&D#O=/.#:6/&7.&#%64#
?Q(.#/F1#I.(h.&/7.)#I.(#1/.(#'&0.(#5.(I%F10#40Y&I."O#
O>./&O)# 4%70.# .("# O>./&)# Z("# [.&03&"O# 9%'4."# O-'C/&I.40#
C3C.&0%&# &/F10"O# >3F1# ./&.# 9%'4."# O;G.(# .(# 4F1/F:0.# E1&.&#
I/.#H/6I.()#&/F10#?%1(fO#
]Y(#./&.&#Z3C.&0#?%(#/F1#I.(C%N.&#<.(G6YKK0)#I%44#/F1#&'(#
I.&# Z'&I# 3KK.&# 40.1.&# 6/.N# ?/.# ./&# ]/4F1"# R%&&# 4%70.# /F1D#
O;G.(#/F1#1%G.#.4#7.C.6I.0"O#
O$%)#I%4#1%G./."#g&I#&'&#:3CC./.#1.(#'&I#4%7.&#KY(#
I/.#;:0.&#%'4)#G/00."O#
Uj&I%6.# 1/&7# %'K)# 6/.N# C/F1# W'(YF:# C/0# C./&.C# S(7.(# '&I#
&3F1#0/.K.(.&#B.KY16.&#L#%G.(#/F1#?Y(I.#6Y7.&)#V'01)#?.&&#/F1#
I/(# &/F10# 4%7.&# ?Y(I.)# I%44# I%4# C./40.)# ?%4# /F1# KY160.)#
=F1(.F:.&#?%("# M4#?%(#%66.#43# 4F1&.66#X%44/.(0#'&I#31&.#I%44#
/F1#.4#G.7(./K.&#:3&&0."#
EF1#4F1%'0.#:'(W#/&#V37.(4#HY(3#(./&)#4%70.#/1C#4F1&.66#?%4#
X%44/.(0#?%(#'&I#40.'.(0.#I%&&#I.&#]%1(40'16#%&"#V/II6.j#:%C#
%'4# I.C# 9340(%'C)# 4./&.&# R%&I'eL[%40.&# (366.&I)# I/.4C%6#
6..("#
O2%C# 4.# S(7.(# C/0wC# B.4.0W)# Z/40%1# [.&03&fO)# K6Y40.(0.# .(#
1./4.(#%64#/F1#1/&0.(#/1C#7/&7#L#EF1#4%7.#I/(#V'01)#I%4#<.(G.4L
4.(0.#C./&.&#=..6.&K(/.I.&#&/F10#'&G.I/&70"#
!
"'!
O>./&O)#4%70.#/F1#43#6%'0)#I%44#?/.#T.'0.)#I/.#I/.#2%66.#.&0L
6%&77/&7.&)#4/F1#W'#C/(#'C4F1%'0.&"#
OP.&&#I%4#I.(#B('&I#/4)#C./&#a3'4/&#MII/.#/4#..&#.F10#:6%4L
4.#V.F104%&?%60)#$.44/(`O#
OV/II6.jO)#?3#G/40#I'#%'K4#a366.7.#7.7%&7.&fO#
Oa3v&.66)#Z/40%1#[.&03&)#'&Iv4#?%(#(/F10/7#:6%44."O#
V/II6.j#7(/&40.)#W./70.#-Q1&.#43#?./N#?/.#[6%</.(0%40.&#\'&I#
43#W%16(./F1)#I%44#C%&#.4#:%'C#76%'G.&#C%7_#
OP.&&# I'# /&# a3(&.66# ?%(40O# 4%70.# /F1# O?.41%6G# /&# B300.4#
>%C.X(/F140#I'#%'K#I/.4.#;(0fO#
OP.6F1.#;(0#C./&4.#I.&&)#Z/40%1#[.&03&fO#
O=F13&# 7'0O)# 4%70.# /F1# '&I# 4F1%'0.# %'K# C./&.# g1("# OM4#
C%F10# /CC.(# =X%N# ./&.# I/.4.(# X1/6343X1/4F1.&# R/4:'44/3&.&#
C/0#I/(#W'#KY1(.&)#V/II6.j)#%G.(#/F1#1%G.#./&.#5.(%G(.I'&7#'&I#
/F1#43660.#C/F1#G../6.&"O#
O$.44/(`O)#4%70.#.()#?/.I.(#C/0#I/.4.C#3G4WJ&.&#B(/&4.&#%'K#
I.C#B.4/F10"#Og&I#?.&&4.#I/.#>'CC%1#<3&#C./C#a3'4/&#MIL
I/.#?366&"""O#
;G.(#/F1#?%(#4F13&#/&#I/.#2%66.#7.K6YF10.0"#M4#/40#/CC.(#./&.#
M(6./F10.('&7#V/II6.j#634#W'#?.(I.&"#EF1#<.(C'0.#.4#/40#7.C./&#
43# .0?%4# W'# 4%7.&)# %G.(# /F1# ?Y&4F10.# V37.(# ?Y(I.# /1&# (%'4L
4F1C./N.&# L# /F1# 4F1%'# %'K# I/.4.4# 7(3N.# [6%</.(0%40.&7(/&4.&#
'&I)# B300# 1.6K.# C/()# /F1# YG.(6.7.# 3G# V/II6.j# &/F10# ./&.&# 9%:0#
7.4F16344.&# 1%0)# I%4# H6'0# ?./N.(# ZQ&&.(# W'# 0(/&:.&)# ?.&&# /(L
7.&I?%&&# I%4# ].'.(# :3CC0"# -'4%CC.&# C/0# 4./&.C# a3'4/&#
MII/.# &%0Y(6/F1"# B'0)# <.(7/44# I%4# %66.4)# /F1# C%60(Q0/.(.# I/.# U%L
40%0'(#G.(./04#4./0#./&./&1%6G#=0'&I.&#'&I#.4#4/.10#43#%'4)#%64#
4366.#I%4#./&.#>3<.66.#?.(I.&"#EF1#:3CC.#6/.G.(#W'C#V.40"#=3)#
;:0#I(./)#=W.&.#W?./"# EF1#:%C#4XQ0#W'(# 936/W./40%0/3&#'&I#?%(#
YG.(# '&I# YG.(# &%44# L# :./&.# U%e.&# '&I# I.(# V.7.&# ?%(# W'C#
R%'.((.7..?3(I.&"#>'(#./&#$%&'%((.7.&#/&#>.?#@3(:#:%&&#
I.(%(0/7#:%60#4./&#\[%6/K3(&/.&#.(4F1./&0#C/(#h.I.&#U%7#4F1J&.(#
V'01`_"# Uj&I%6.# 4F1%'0.# C/F1# %&)# 7(/&40.# ./&# 1'C3(634.4# TQL
F1.6&#'&I#4%70.D#Oa.&0(%6#]%664#1%0#E1(.&#;'03(#7.(%I.#?/.I.(#
%'K# K(./.&# ]'N# 7.4.0W0"# [./&.# U%e.&# I(%'N.&)# ?%4f# =/&I# 4/.#
&/.)#?.&&#.4#(.7&.0"O#
O=/.# 1%G.&# R.0?./66.(# 7.1.&# 6%44.&fO)# K(%70.# /F1# '&76Q'G/7"#
Og&I# .(# /40# &/F10# '&4.(# ;'03("# EF1# ?Y(I.# /1&# &/F10# ./&C%6# C/0#
./&.(#[&./KW%&7.#%&K%44.&"O#
"(!
OB'0)# ?%4# /CC.(# .(# /40)# I/.# 7%&W.# =%F1.# /40# &/F10# C.1(# %64#
./&#=0'(C#/C#P%44.(76%4O#4%70.#.(#'&I#7%G#C/(#./&.#U%44.#C/0#
I.C#7(Q446/F140.&#[%KK..)#I.&#/F1#h.#/&#C./&.C#T.G..0('&L
:.&# 1%G."# M(# 4F13G# C/F1# /&# ./&.# 6..(.4# G.C/06./I.&4?.(0.4#
HY(3# L# I%4# B.KY16)# I%44# I/.# %&I.(.&# /&# I.(# 936/W./40%0/3&# 4/F1#
1.(%&4F16./F1.&# '&I# %'K# I.&# <3(W./0/7# :%16# ?.(I.&I.&# =%F1L
G.%(G./0.(# /C# U?..I%&W'7# 1.(%GG6/F:.&# ?%(# CJ76/F1.(?./4.#
X%(%&3/I)#%G.(#.4#?%(#7.&%'#I/.4.4#B.KY16"#gC#I/.#B.4F1/F10.#
&3F1# 6Q&7.(# W'# C%F1.&)# '&7.KQ1(# !d# Z/&'0.&# &%F1I.C# I/.#
]3034#%&7.:3CC.&#?%(.&#'&I#*d#Z/&'0.&#&%F1I.C#R.0?./66.(#
.(4F1/.&.&#?%(#\&/F10#/%&I4F1.66.&#%G.(#<3&#W?./#936/W/40.&#
K6%&:/.(0_# :%C# %'F1# I.(# R.0.:0/<# %&)# I.(# R.0?./66.(# YG.(X(YK0#
1%00."# M(# ?%(# I.&# 7%&W.&# >%F1C/00%7# %'K# I.(# %&I.(.&# =./0.#
I.(# =0%I0"# =/.# 1%00.&# R.0?./66.(# /&# ./&.C# :6./&.&# 5.(1J((%'C#
7.6%44.&)# .(WQ160.# C/(# Uj&I%6.)# 'C# /1&# ?./F1# W'# :63XK.&"# M(#
43660.# B.6.7.&1./0# 1%G.&)# 4/F1# YG.(# %66.# 4./&.# =Y&I.&# B.I%&L
:.&# W'# C%F1.&"# R.(# -/</6X36/W/40)# I.(# YG.(X(YK0# 1%00.)# I%44#
R.0?./66.(# /C# H6'C.&1%'4# ?%()# 4F1%'0.# 4/F1# I/.# ]3034# %&# %64#
a1/.K#E<.(43&#%'4#4./&.C#HY(3#:%C#'&I#%'K#I..(1J(4(%'C#
W'1/.60)#?3#R.0?./66.(#K.407.1%60.&#?'(I."##
O$.4'4O)# 4%70.# I.(# R.0.:0/<# W'# E<.(43&)# OI%4# 4/.10# ?/(:6/F1#
.F10#%'4)#3I.(fO#
E<.(43&# 1/.60# %&"# O2%G.&# =/.# /(7.&I./&.&# B('&I# %&W'&.1L
C.&)#I%44#4/.#.4#&/F10#4/&IfO)#K(%70.#E<.(43&"#
O>%h%)# %64# /F1# /&# I/.4.4# H6'C.&7.4F1QK0# 7/&7# 1.'0.# C3(7.&#
'C#&%F1#R.0?./66.(#W'#4F1%'.&)#4%N#I/.4.(#B.F:#'&I#:Y&K0/7.(#
9%0/.&0# ./&.4# 2.(WF1/('(7.&# %&# I.(# =./0.# 1/&0.(# I.C# T%I.&L
0/4F1)# 4X/.60.# =36/0%/(.# '&I# 4F1%'0.# 4/F1# /C# ].(&4.1.&# Vj%&4#
23X.#%&"O#
O=/&I#4/.#4/F1.(fO)#1%:0.#E<.(43&#&%F1"#
R.(#Z%&&#:63XK0.#%'K#I%4#.(40.#I.(#O2./6/7.&#]3034O#%'K#I.C#
I%4#B.4/F10#I.4#iXK.(4#:6%(#7.W./70#?'(I."#O[./&#E((0'CO)#4%7L
0.#.("#OR/.4.(#H'(4F1."O#
OP%('C#/&#B300.4#>%C.%G./.#I%4#&/F10#7.4%70fO#<.(L
6%&70.#E<.(43&#W'#?/44.&)#W?./K.6634#C/0#5/4/3&.&#<3&#R.0?./6L
6.(4# [340.&(.F1&'&7# ?.7.&# GJ4?/66/7.(# '&I# '&G.7(Y&I.0.(#
E&1%K0/.('&7)#I/.#/./&.C#[3XK#./&.�(%'(/7.&#U%&W#%'KKY1(L
0.&"#
OP./6# C/F1# :./&.(# &%F1# I/.4.C# [.(6# 7.K(%70# 1%0O)# 4%70.# I.(#
R.0.:0/<"# OEF1# 43660.# R.0?./66.(# X(YK.&)# ?%4# /F1# 0%0"# P.&&# /(L
!
")!
7.&Ih.C%&I#C/(#7.4%70#1Q00.)#I/.4.&#H'(4F1.&#W'#X(YK.&)#1Q0L
0.#/F1#.4#7.0%&"#2%0#%G.(#:./&.("#5.(40.1.&#=/."O#
g&I# .(# 7/&7)# <.(6/.N# E<.(43&)# 6/.N# /1&# ./&K%F1# 40.1.&"# R%4#
?%(# I%4"# EF1# 4F1%'0.# Uj&I%6.# %&"# Uj&I%6.# 4F1%'0.# C/F1# %&"#
>%F1# ./&.C# Z3C.&0# 3I.(# W?./# C/6I.(0.# 4/F1# 4./&# ;'4I('F:"#
OP3KY(# %'F1# /CC.(# I%4# 7'0# 4./&# 4366)# Z("[.&03&)# I/.4.4# ]303#
4/.10#.F10#%'4"""#.F10#?/.#I/.#2J66."#;G.(#I%4#0'&#I/.#MKK.:0.#/&#
./&/7.&#I/.4.(#23((3(K/6C.#%'F1"#R/.4.(#./&.#H'(4F1.)#U3C#=%L
</&/)#'&I#I/.#MKK.:0.#I/.#.(#C%F10"""O##
O;643# 1%G.&# 4/.# /1&# 6%'K.&# 6%44.&"O# M/&.# ]'(F10# 0%'F10.# /&#
C./&.C# [3XK# %'K# ?/.# ./&.4# I/.4.(# :6./&.&# ('44/4F1.&# gLH330.#
I/.# :./&.(# ./&K%&7.&# :%&&"# OP3KY(# %'F1# /CC.(# I%4# 7'0# 4./&#
4366)#/1(#;(4F1#/40#C/0#I(./#9%F:'&7.&#g&0.(?Q4F1.)#W?./#234.&#
'&I#/&#I.(#Z/00.#C/0#M/4.&#G.:6./I.0#L#.(#/40#4/F1.(O)#4%70.#Uj&L
I%6.#'&I#KY70.#&YF10.(/&W'D#OEF1#4X(.F1.#1/.(#3KK/W/.66)#:6%(f#
=/.#1%G.&#<.(0(%'.&4<366#7.1%&I.60)#?/.#./&#HY(7.("#P.&&#I.(#
[.(6#S(7.(#C%F1.&#?Y(I.)#?Q(.#I%4#./&.#%&I.(.#=%F1."""#%G.(#
W'(#2J66.)#=/.#:.&&.&#/1&#&/F10#./&C%6"O#R/.#gLH330.#:%C.&#./&#
:6./&.4# =0YF:F1.&# 1J1.("# P./6# /F1# KY160.)# I%44# /F1# 7.(%I.# G.L
7%&&)#/1&#:.&&.&#W'#6.(&.&)#V'01"#g&I#C./&.#B.KY16.#KY(#a%(L
634# R.0?./66.(# ?%(.&# '&I# 4/&I# &/F104)# ?%4# /F1# %64# :%C.(%IL
4F1%K06/F1# 3I.(# 6/.G.<366# G.W./F1&.&# ?Y(I."# OM7%6)# .4# 4/&I# &/.#
I/.# E&K3(C%&0.&)# I/.# ?.7.&# /((0YC6/F1.(# 5.(1%K0'&7# <.(:6%70#
?.(I.&)#.4#/40#I.(#a3X)#I.(#:%C)#/1&.&#I/.#V.F10.#<3(6%4#'&I#
4/.# I%&&# /&# ./&.C# ;'03# 31&.# B(/KK.# %&# I.&# UY(.&# C/0&%1C"O#
E&K3(C%&0"#R%4#?%(#I/.#o'.66.#I.(#]'(F10"#R%4#gLH330#?%(#h.0W0#
%'K7.0%'F10)#%&#I.(#iG.(K6QF1.#76./0.&I#?/.#./.(#]/4F1#/C#
Z3&I6/F10"#E&K3(C%&0"#EF1#:%&&0.#a%(634#R.0?./66.(#&/F10"""#%G.(#
.(# ?'440.# C%&F1.4# YG.(# C/F1"# >/F10)# I%44# /F1# I.(# [3XK# I.(#
H(3?&# g&/<.(4/0/j#6/0.(%(j# 43F/.0j# ?%("# iI.(# I%44# /F1# <3(W./0/7#
:%16#?'(I."#iI.(#I%44#/F1#C/F1#I%C/0#G.4F1QK0/70.)#./&.#1YGL
4F1.# Z/44# %'4# 9%4%I.&%# &%C.&4# V'01# U%&%:%# W'# 1./(%0.&"#
>/F10# I/.4.# R/&7.# \'&I# G/00.# B300)# &/F10# C./&.# ;I(.44.)# &/.L
C%64#C./&.#;I(.44._)#%G.(#.(#?./N#EF1#G/&#I.(#Z%&&)#I.(#<.(L
%&6%440#1%0)#I%44#.(#K.407.&3CC.&#?/(I#KY(#./&.&#Z3(I)#I.&#.(#
&/F10#G.7%&7.%0"#
OP/44.&# 4/.O)# K(%70.# /F1# O3G# E<.(43&# 3I.(# h.C%&I# %&I.(4#
C./&.&#>%C..7.&YG.(#R.0?./66.(#.(?Q1&0#1%0fO#
Uj&I%6.# WY&I.0.# 4/F1# ./&.# -/7%(.00.# %&"# O>./&O)# 4%70.# .(#
O%G.(#/F1#G/&#W/.C6/F1#4/F1.()#I%44#I%4#:./&.(#7.0%%0"O#
#+!
OP%('C#&/F10fO##
OM4# ?Q(.# '&X(3K.44/3&.66"# P.&&# 4/.# ./&.&# ]%66# G.%(G./0.&# L#
%'F1#./&.&#I.(#43#4F1&.66#40/(G0#?/.#I/.4.(#L#?/(I#h.I.(#>%C.)#
I.&# I.(# 5.(IQF10/7.# &/F10# :.&&0# 3I.(# &/F10# :.&&.&# :%&&# W'#
./&.C#93:.(F1/X"O#
R/.#M(6./F10.('&7)#I/.#/F1#7.KY160#1%G.&#C%7)#?%(#:'(W6.G/7"#
O;G.(#I.(#H'(4F1.#?Q(.#4F1J&#G6JI)#?.&&#.(#.4#&/F10#?Y44L
0."#M4#4./#I.&&)#.(#1%0#I/.#]3034#%&#h.I.&#>.?#@3(:.(#5.(6.7.(#
7.4F1/F:0"#B6%'G.&#=/.#I%44#.(#I%4#7.0%%0fO#
O>./&O)#4%70.#/F1#IY40.("#O[./&#%&I.(.(#5.(6.7.(#/&#>.?#@3(:#
1Q00.#%'K#I/.4.F1(Q7.&#.(40.&#H(/.K#7.%&0?3(0.0"O#
O5.(40.1."O#
Uj&I%6.# 40%&I# %'K)# ?%(K# I/.# =0j(3X3(L[%KK..0%44.# ?.7)#
C%F10.# I/.4.# OM&I.LI.(L9%(0jOLB.40.&# I/.# %'4I(YF:0.&)# .(#
13KK.#/F1#?Y(I.#<.(I'K0.&"#
O>'(#&3F1#./&.#](%7.)#I%&/&I#4/.#C/F1#634O)#4%70.#/F1"#
OR/.# %&I.(.&# ]3034# ?%(.&# 4F16.F10.# ]Q64F1'&7.&"# M(GQ(CL
6/F1"#P/.#:3CC0#.4)#I%44#4/.#43#4F16.F10#?%(.&#%G.(#I%4#./&.#
?%(#43#<.(I%CC0#7'0fO#
O5/.66./F10#1%0#R.0?./66.(#4.6G40#I/.#O2./6/7.&#]3034#7.C%F10O#
'&I#/(7.&I#./&#%&I.(.(#L#a.&0(%6#]%664#;&0?3(0#%'K#U3C#=%</&/#
</.66./F10# L# 1%0# I%4# 2./6/7.# iXK.(# 7.C%F10"# iI.(# </.66./F10# 1%0#
R.0?./66.(# %66.# 4.6G40# 7.C%F10# '&I# I%4# ./&.# G.43&I.(4# 7'0)#
I%C/0#%66.#.(&40.(#7.&3CC.&#?.(I.&"O#
OP.41%6G#43660.#.(#43#.0?%4#0'&fO#
O=3#?/.#4/.#4/F1#I.&#[3XK#./&7.(%&&0#1%G.&)#</.66./F10"#ZJ76/L
F1.(?./4.#4./&.#;(0#%'4W'40./7.&"O#
;G.(#.(#?'(I.#K.407.&3CC.&"O#
M(#4F1%'0.#C/F1#%&)#/(7.&I?/.#C/06./I/7"#
O2/.(# /40# ./&# H'(4F1.# /&# ./&.(# H%()# Z("# [.&03&)# '&I# .(# 1%0#
I/.4.#-/7%(.00.&#G./#4/F1)#<3667.6%I.&#C/0#[&%66.(&"#>'(#43#%'4#
=X%N#&/CC0#.(#./&.)#?Q1(.&I#4./&#['CX.6#I/.#$':.G3e#40%(0.0"#
M4# .(4F1./&0# /1C# /&# I/.4.C# Z3C.&0# %64# I/.# 6'40/740.# EI..# I.(#
P.60"#iG?316#4./&#['CX.6#&'(#6%F1.&#:%&&)#?.&&#I/.#-/7%(.00.#
<3&#/(7.&Ih.C%&I#%&I.(4#.eX63I/.(0"#g&I#I.(#H'(4F1.)#I.(#4/.#
<3667.6%I.&# 1%0)# 43660.# I%4# ?/44.&"# ;643# :3CC0# I.(# ['CX.6#
W'(YF:# '&I# G%6I# 4F13&# 40.F:0# .(# 4/F1# I/.# -/7%(.00.# %&"# >/CC0#
W?./# -Y7.)# '&I# :%LG%&7"# U%G%:# YG.(%66# %'K# 4./&.C# B.4/F10)#
=X(.&7403KK#%'K#4./&.&#]/&7.(&#./&7.G(%&&0#'&I#.(#4F1Y00.#4/F1#
I%4#H/.(#I(YG.("#g&I#4./&#['CX.6#L#4./&#.1.C%6/7.(#['CX.6#L#
!
#*!
4/0W0# %'K# I.C# &QF140.&# 23F:.()# 6%F10# 4/F1# 4.6G40# 1%6G030"# 5.(L
40.1.&#=/.#I%4fO##
O$%)O#4%70.#/F1#?/I.(?/66/7)#I.&&#/F1#<.(40%&I"#O>'&)#I.(#UjX)#
I.(# I/.# -/7%(.00.# <3667.6%I.&# 1%0# ?%(# :./&# =F1?%F1:3XK)# 3GL
?316#/F1#4%7.&#C'44)#I%44#C./&.(#M/&4F1Q0W'&7#&%F1#h.C%&I#
I.(#76%'G0#I/.#-/7%(.00.#./&.4#%&I.(.&#C/0#[&%66.(&#<366W'6%I.&#
4./# 6'40/7# &/F10# 7%&W# I/F10# /C# iG.(40YGF1.&# /40"# ;G.(# 4.6G40#
?.&&# 4./&# 5.(40%&I# &/F10# ?./0.(# %64# G/4# W'# ./&.C# [.(6# C/0# ./L
&.C#=F1./N4F1(.F:.&#(./F10)#I.(#4/F1#I%4#H/.(#YG.(#4./&.#M/.(#
4F1Y00.0)# 76%'G.&# 4/.# ./&# UjX# I.(# :./&# =F1?%F1:3XK# /40# ?Q(.#
&/F10#?.&/740.&4#.(&401%K0#7.&'7#I%(%&#/&0.(.44/.(0#4./&.#-Q1L
&.#/./&.C#Z'&I#W'#G.1%60.&)#I%44#.(#.4#&/F10#0'0"#;G.(#4/.#
0'&#.4"#=/.#0'&#.4#I/.#7%&W.#<.(I%CC0.#-./0#YG.("#>'&)#4/.#%64#
T/0.(%0#L#\M(#:.&&0#3KK.&4/F106/F1#&/F10#O;C./4.&#%'4#I.(#2J66.O#
'&I# I/.# ]3(04.0W'&7# O]6/.7.&# %'4# I.(# 2J66.O)# V'01_# L# O:J&&.&#
=/.# C/(# 4%7.&)# ?.41%6G# .(# ?./0.(C%F10# '&I# .4# .&I.0# I%C/0#
I%44#.(#4/F1#4./&.#-Q1&.#%&#I.(#H%(#%'K4%CC.60)#.0?%#'C#4./L
&.#]Y66'&7.&#W'#WQ16.&fO#
OP./6# .(# :./&# B.KY16# KY(# I/.# -':'&K0# 1%0O# 4%70.# /F1# IY40.("#
g&I# W'C# .(40.&# Z%6)# V'01)# 1%00.# /F1# I%4# B.KY16)# /F1# :J&&0.#
a%(634#R.0?./66.(#?/(:6/F1#4.1.&"#
O2Q1f#R%4#<.(40.1.#/F1#&/F10"O#
OM(#?./N#&/F10)#.(#/40#&/F10#KQ1/7#W'#.(:.&&.&)#?%4#I%G./#1.L
(%'4:3CC0"O#
O$%)#=/.#4/&I#.//0.(%(/4F1.(#Z%&&)#/&#i(I&'&7"#EF1#1Q00.#.4#
/�%'4.&I#$%1(.&#&/F10#43#7'0#%'4I(YF:.&#:J&&.&"O#
Og&I#I%4#/40#C./&.#;&0?3(0fO#
OR%4#/40#/1(.#;&0?3(0"O#
M(# :63XK0.# C/(# %'K# I/.#=F1'60.(# '&I# KY1(0.# C/F1# W'(# 53(I.(L
0Y("#
OB.1.&# =/.# &%F1# 2%'4.)# Z("# [.&03&"# U(/&:.&# =/.# ?%4)# I'L
4F1./.#'&I#0(/&:./.#&3F1#?%4"#=F1%'./.#G/44F1.&#K.(&"#
g&I# 4F16%K.&# 4/."# =/.# 1%G.&# /1(.# 9K6/F10# %64# HY(7.(# 7.0%&)# %64#
a1(/40"#R/.#C./40.&#T.'0.#1Q00.&#I/.4.#H/6I.(#G./4./0.#7.4F13L
G.&"""# 3I.(# 4/.# 4/F1# KY(# /1(.# M/&:6.G.GYF1.(# 7.4/F1.(0"# R%4#
:6/&70#7('4.6/7"#;G.(#/F1#G/Ψ/W/40)#:./&#T/0.(%0)#'&I#/F1#?./N)#
I%44# ./&/7.# T.'0.# 43# .0?%4# 0'&"# B.1.&# 4/.# &%F1# 2%'4."# 5.(L
7.44./.#.4"#g&I#4././.#I%C/0#W'K(/.I.&#L#?.&&#I%4#H'F1#
I.4#H'(4F1.+#4F16.F10#/40#?/.#4/.#.4#4%70.&)#I%&%G.&#=/.#
/1&#C/0#I.(#-'(YF:?./4'&7#/&#I/.#2J66.#7.4F1/F:0"O##
#"!
EF1# 0%0)# ?%4# .(# 7.4%70# 1%00.)# T/.G40."# EF1# 7/&7# &%F1# 2%'4.)#
&%1C# ./&.&# R(/&:)# I'4F10.)# &%1C# &3F1# ./&.&# R(/&:)# 4F1%'0.#
U5#'&I#7/&7#/&4#H.00"#R%&&#&%F1#I(./#=0'&I.&.#=F16%K#L#/F1#
I%F10.#%&#I%4#H/6I)#C/0#I.C#=F16/0W#/&#I.(#H('40#'&I#I.C#0(3XL
K.&I..(W.&#L#40%&I#/F1#%'K)#&%1C#&3F1#I(./#R(/&:4)#4F1%'0.#
C/(# ./&.&# $31&LP%j&.L]/6C# %&# L# OP%:.# 3K# 01.# (.I# ?/0F1O# L#
\$31&# P%j&.# 4/.10# C/0# ./&.C# BEL2.6C# ?.4.&06/F1# G.44.(# %'4#
%64#C/0#./&.C#U%'F1.(1.6C)#?3660#/F1#I/(#&'(#4%7.&_)#7/&7#?/.L
I.(#/&4#H.00#'&I#?%F10.#C/0#./&.C#[%0.(#%'K"##
M4#/40#./&#X%%(#U%7.#1.()#4./0#I%4#%66.4#7.4F1.1.&#/40)#'&I#/F1#
76%'G.# L# 76%'G.# L# I%44# I/.# R/&7.# 4/F1# ?/.I.(# &3(C%6/4/.(.&"#
H./I.#L#/&#-.&/01#23'4.#'&I#/&#C./&.C#[3XK"#EF1#76%'G.#\76%'L
G._# .4# /40# <3(G./# L# %G.(# .4# ?/(I# ./&.(# I/.4.(# 53(KQ66.# 4./&)# I/.#
C/F1# ./&# T.G.&# 6%&7# <.(K367.&)# I%4# KY16.# /F1"# P/.# /&# I/.4.&#
U(Q'C.&#I/.#/F1#%64#[/&I#1%00.)#/&#?.6F1.&#/F1#%'K40%&I#'C#<3(#
I.(# ]6%77.# W'# 4%6'0/.(.&# '&I# C./&.# 234.# ('04F10.# ('&0.("#
iI.()#&3F1#G.44.()#I/.4.#=%F1.#<3&#I.(#C/(#H/66#B.6G#.(WQ160.)#
C./&#a3LMI/03(#/&#E66'40(%0/3&.&#G./#-.&/01"#M(#4%70.)#.(#.(WQ16L
0.# I/.4.&# =X%N# ./&.C# H'(4F1.&# %'K# I.(# a3F:0%/6X%(0jD# P/.#
1Q6040# I'# KY&K# 4F1?%(W.# H'(4F1.&# I%<3&# %G)# ./&.# P./N.# W'#
<.(7.?%60/7.&f#;&0?3(0D#B/G#/1&.&#./&.&#H%4:.0G%66"#
OEF1# I%F10.)# I.(# H'(4F1.)# I.C# /F1# I%4# .(WQ160.)# ?Q(.# 7'0#
I(%'K)#G/4#.(#C/(#X6J0W6/F1#4./&.&#R(/&:#/&4#B.4/F10#:/XX0.#'&I#
?.77/&7"O)#.(WQ160.#H/66"##
#R%4#/40#I/.#;(0#<3&#B.4F1/F10.)#I/.#/F1#&/.#YG.(#C/F1#4.6G40#
.(WQ16.&#:J&&0.)#?%4#I.(#B('&I#4./&#C%7#I%KY()#I%44#/F1#&/F10#
<J66/7#I.&#V.4X.:0#<3(#H/66#<.(63(.%G."#iG?316#.(#./&#G/730L
0.()#K%'6.(#9K.(I.%(4F1#/40"#;66.4#?%4#/F1#4%7.&#?/66#/40)#/F1#KY16.#
./&.# 7.?/44.# S1&6/F1:./0# C/0# ./&.C# 9K.(I.%(4F1)# %G.(# &'&# /40#
.4#<3(G./"#P.&&#%66#I%4#C/F1#1j40.(/4F1#7.C%F10#1%0#L#h.C%&I#
I.(#./K(/7#2.e.&'(0./6.#G.W.'7.&#?Y(I.#L#G/00.#4F1(./G.#C/(#I%4#
'&I# ?/(# 6J4.&# '&4.(.# 5.(G/&I'&7# G%6I/740# """# I.&&# ?.&&# I%4#
I.(#]%66#?Q(.)#?Y(I.#/F1#C/F1#&/F10#./&C%6#4.6G40#1./(%0.&#?36L
6.&"##
=3#?./0#I%4)#/F1#:6%CC.(.#C/F1#%&#I%4#?%4#Uj&I%6.#7.4%70#
1%0)#I%44#/F1#C./&.#HY(7.(XK6/F10#.(KY660#1%G."#R%#/40#./&.#=%L
F1.)#I/.#/F1#&/F10#0'&#?.(I.#L#I/(#I/.#]3034#W'#4F1/F:.&)#?.6F1.#
/F1# 1.'0.# W'(YF:.(1%60.&# 1%G."# R'# ?Y(I.40# ?%1(4F1./&6/F1#
Q1&6/F1.#U(Q'C.#I%<3&#G.:3CC.&)#?/.#/F1#4/.#1%G.)#I/.#4/&I#
I.K/&/0/<#&/F10#7'0"#EF1#G/&#W'#I.C#=F16'44#7.:3CC.&)#I%44#%66#
!
##!
I/.# =X.W/%6.KK.:0W%'G.(.(# K('40(/.(0.# a1/('(7.&# 4./&# CY44.&"#
]%:0#/40)#?.&&#V37.(#C/(#I%4#i:%j#7/G0)#?.(I.#/F1#4/.#<.(G(.&L
&.&"#
EF1#6/.G.#I/F1#V'01#
R./&#R/F1#<.(.1(.&I.(#9K.(I.%(4F1)#
#
$31&##
#$!
53C#HY(3#I.4#a1.K6.:03(4#
;&D#$31&#[.&03&#
R%0'CD#b"b",*#
>;a2VEa2UD#B.1#'&I#<.(G(.&&.#4/."#EF1#CJF10.#&/.#?/.I.(#
.0?%4#<3&#a%(634#R.0?./66.(#1J(.&"#2J(#W'#$31&#L#./&#G/44F1.&#
;'K(.7'&7#/40#h%#7%&W#&.00)#%G.(#?.&&#?/(#&/F10#G./#-.&/01#.&IL
6/F1#%'4#I.&#=0%(06JF1.(&#:3CC.&)#4'F1.&#?/(#G%6I#%66.#&%F1#
&.'.&#$3G4"#EF1#1%G.#7.1J(0)#I%44#;X.e#</.66./F10#M/&:Q'K.(#
4'F10"#P%4#./&.(#='F1.#&%F1#R3I3L5J7.6I.(#90.(3I%:0j6.&#
76./F1#:3CC0"#P/(#G(%'F1.&#./&#H'F1#3I.(#HYF1.()#I/.#/&#I/.L
4.C#=3CC.(#KY(#;'K('1(#43(7.&#?.(I.&"#R%4#1./N0)#?/(#40%(L
0.&#%C#G.40.L./F1#7.40.(&"#]%&7#%&#I/.#HQ'C.#W'#4F1Y00.6&)#
3:%jf#
#
V37.(##
#
mmm#
#
H#Y#(#3#/#�#.#(#&#.#4##Z#.#C#3#
;&D#V37.(#
53&D#$31&#
H.0(.KKD#HQ'C.#4F1Y00.6&#
#
P.6F1.# HQ'C.f# -.&/01# 23'4.# 40.10# /&# I.(# 7(3N.&# PY40.# I.(#
%C.(/:%&/4F1.&# 5.(JKK.&06/F1'&7.&)# '&I# I'# ?./N0# I%4# <.(L
I%CC0#7.&%'"#
#
$31&#
#
mmm#
#
53&#I.C#HY(3#I.4#T.:03(4#
;&D#$31&#[.&03&#
R%0'CD#p"b",*#
>;a2VEa2UD#]/&I.#./&.&#H%'C)#3I.(#K/&I.#./&.&#$3G"#=3#./&L
K%F1#/40#I%4)#C./&#](.'&I"#
#
V37.(##
!
#%!
](./0%7)#I.&#!"#].G('%(#*+,*#
;.((&#$31&#O$'I%4O#[.&03&#
-.&/01#;(4F163F1L2%'4)#2.((%'47.G.(#<3&#[%F:.#
!+8#=0(%N.#I.4#2'&I.4F1/44.4#
>.?#@3(:)#>.?#@3(:#*88EA#
#
T/.G.(#$'I%4)#
#
I/.4#/40#%643#I.(#R%&:#I%KY()#I%4#/F1#E1&.&#C./&#H'F1#7.7.G.&#
1%G."#i:%j)#/F1#<.(40.1.)#/F1#1Q00.#?/44.&#CY44.&)#?%4#/F1#W'#
M(?%(0.&# 1%G."# =/.# 76%'G.&)# I%4# =/.# 43# a336# 4/&I"# i:%j)# /F1#
<.(40.1.)#=/.#4/&I#&/F104#?./0.(#%64#./&#G.0(Y7.(/4F1.(#H%40%(I"#
P/.</.6# 1%G.&# =/.# 7.40316.&f# =3# ./&/7.4# ?Y(I.# /F1# (%0.&"# =/.#
76%'G.&# =/.# 4/&I# 43# F336)# %G.(# =/.# 4/&I# &/F104# ?./0.(# %64# ./&#
:6./&.(# =F1/44# /&# I.&# 7(3N.&# P./0.&# I.4# g&/<.(4'C4"# M4# 7/G0#
P.7.)#?/.#C%&#C/0#UjX.&#?/.#E1&.&#'C7.10"#=/.#76%'G.&#h.0W0#
</.66./F10#I%4#/F1#W'#E1&.&#:3CC.#'&I#=/.#C/(#4F1&%XX.)#%G.(#
I%4#?.(I.#/F1#&/F10#0'&"#EF1#?.(I.(#C/(#C./&.#2Q&I.#&/F10#%&#
E1&.&#I(.F:/7#C%F1.&)#?/.#Z("#[..&#W'#4%7.&#XK6.70"#;G.(#/F1#
:%&&#=/.#K.(0/7#C%F1.&#?.&&#/F1#CJF10.)#'&I#I%4#?/66#/F1"#R;=#
PETT#Ea2"#E&#I.(#-?/4F1.&W./0#1%G.&#=/.#C/(#1/.(#%66.4#<.(I3(L
G.&)# %643# 76%'G.# /F1# I%4# =/.# W'K(/.I.&# 4/&I"# ;G.(# I%4# C%F10#
&/F104)# /F1# G/&# &%F1# P.40.&# 7.W37.&"# /F1# ?Y(I.# 4%7.&# O]/F:#
I/FIO)#%G.(#?.(#?Y(I.#I%4#0'&f#EF1#4/F1.(#&/F10"#EF1#?Y(I.#.4#
&/F10# C%F1.&# %'F1# ?.&&# /F1# ./&# ZQIF1.&# ?Q(.# '&I# =/.# V/L
F1%(I# B.%("# EF1# ?Y(I.# .4# %'F1# &/F10# C%F1.&# ?.&&# =/.# ./&#
?/(:6/F1# 1YG4F1.4# ZQIF1.&# ?Q1(.&"# >'&)# /F1# 7.1.# ?.7)# %G.(#
C./&.#;(G./0#/40#a3Xj(/710#7.4F1Y0W0)#'&I#/F1#13KK.#=/.#?/44.&#
?%4#a3Xj(/710#1./N0)#%'F1#?.&&#=/.#=F1./N.#&/F10#<3&#=F1'1L
X36/0'(#'&0.(4F1./I.&#:J&&.&"#=0.F:.&#=/.#4/F1#I%4#/&#I/.#9K./K.#
'&I#(%'F1.&#=/.#I.%&W.&#U%7#I%(%&"#
;'K#P/.I.(4.1.&#Z("#$'I%4#[.&03&"#EF1#1%44.#=/."#
#
a%(634#R.0?./6.(#
#
;'K#I.(#R'(F1(./4.#
5.(./&/70.#=0%%0.&#<3&#;C.(/:%##
#&!
A"#].G('%(##*+,*##
#
T/.G.#V'01)#
#
/F1#1%00.#./&.#;(0#O]'F:L@3'O#L#H(/.K#<3&#a%(634#R.0?./66.(#.(L
?%(0.0#L#/F1#1%00.#.4#/C#2/&0.(:3XK#L#'&I#/F1#1%G.#7.(%I.#%C#
%&I.(&# U%7# ./&.&# .(1%60.&"# EF1# 1%G.# I/.# :&/(4F1.&I.# <3(4/&0L
K6'06/F1.# u.(3eLZ%4F1/&.# G.4F1QK0/70)# 'C# ./&.# [3X/.# W'# C%L
F1.&)#'&I#6.7.#4/.#I/.4.C#H(/.K#G./"#E./&.C#S(7.(#/40#.(#7.L
(%I.W'#6j(/4F1#L#G.43&I.(4#C%7#/F1#I/.#-./6.)#/&#I.(#.(#C/F1#%64#
:6./&.&#=F1/44#/&#I.&#P./0.&#I.4#7(3N.&#g&/<.(4'C4#G.W./F1L
&.0"""# ./&# =%0W)# I.&# 437%(# a%(6j6.# G.?'&I.(&# ?Y(I."# M(#
4F1(./G0#V/F1%(I#B.(.4#>%C.&#K%64F1)#%G.(#CJ76/F1.(?./4.#?%(#
I%4# :Y&406.(/4F1.# ](./1./0"# H./# I.C# 7%&W.&# KY16.# /F1# C/F1# .(L
6./F10.(0)#6.0W06/F1#/40#.4#<3(G./"#R.(#[.(6#1%0#4/F1#%'K#I.&#P.7#
/&#I.&#B(3N.&#;C.(/:%&/4F1.&#P.40..C%F10)#W?./K.6634#C/0#
4./&.&# V34.&4F1.(.&# %&# I.&# 2YK0.&# \%'K# ./&.(# V34.&1YK0.f#
;F1)# <.(7/44# .4"_# O$%)# %G.(# /40# .(# ?/(:6/F1# 7.7%&7.&fO)# K(%740#
R'"# R/.# ;&0?3(0# /40)# h%# .(# /40"# EF1# 1%G.# I.&# H(/.K# 7.40.(&# G.L
:3CC.&#'&I#(/.K#H%(03&#E<.(43&#<3&#I.(#a.&0(%6#]%664#936/F.#%&#
\>%F1I.C#/F1#V37.(4#CY((/4F1.#B.&.1C/7'&7#KY(#I%4#].(&7.L
4X(QF1#1%00.)#C'44#/F1#1/&W'KY7.&_"#EF1#I%F10.)#E<.(43&#?Y(I.#
C%6#&%F14F1%'.&)#3G#I%4#40/CC0)#'&I#.(#0%0#.4"#=F1./&0#43)#%64#
1Q00.#%'F1#.(#7.76%'G0)#I/.#O1./6/7.&#]3034O#4./.&#W'#.F10)#'&I#
I/.# 6.0W0.# R.0?./66.(Lg&0.(1%60'&7# 1%G.# ./&.&# .1.(# I(31.&I.&#
U3.1%G0"##
M(#4F1/F:0.#./&.&#Z%&&#&%C.&4#V/6.j#L#I.(#76./F1.#Z%&&)#I.(#
<3(1.(#4F13&#I3(0#?%()#76%'G.#/F1#L#'C#W'#F1.F:.G#a%(634#
I%#4./#'&I#.(#\E<.(43&)#&/F10#V/6.j_#(/.K#C/F1#+8#Z/&'0.XQ0.(#
W'(YF:"# M4# 4F1./&0)# I%44# R.0?./66.(# G.(./04# &%F1# 4./&.(# ].40L
&%1C.# %G7.1%'.&# /40# '&I# I/.# H%(K/.6IL](%'# 1%00.# G.(./04# /C#
T3:%6G6%00# /&4.(/.(0)# 'C# ./&.&# &.'.&# ;44/40.&0.&# W'# K/&I.&"#
M/&.#(.F10#/&0.(.44%&0.#=%F1.D#V/6.j#F1.F:0.#%'F1#I.&#[.(6#%'K#
I.C# ]303# '&I# :%C# W'(YF:# C/0# ./&.C# >%C.&)# I.&# /F1# :.&&."#
R%4#?%(#Z("#>3(</66.#[..&)#I.(#76./F1.#H'(4F1.)#I%#G/&#/F1#4/L
F1.()#I.&#R.0?./66.(#/./&.&#G./I.&#.(40.&#H(/.K.&#.(?Q1&0."#
\OP.41%6G# ./&.&# B%40# G.4F1(./G.&)# ?.&&# I'# /1&# 4.1.&#
:%&&40fO#'&I#%&I.(.#9.(6.&#I.(#P./41./0_#R.(#a3X#40.660.#/1C#
./&/7.#](%7.&#YG.(#I./&0.(7('&I#I/.4.(#]3034#'&I#I/.#H%(L
K/.6IL](%'# G63F:0.# %G"# [%G%&7# L# 43# /&# I.(# ;(0"# ](%70.# /1&)# 3G#
!
#'!
I%4#./&.#3KK/W/.66.#M(C/006'&7#?%(#3I.(#?%4"#E40#.4#&/F10)#&%0Y(L
6/F1)# '&I# I%4# ?%(4"# ]Y(# C/F1# /40# I%4# 7%&W.# %G7.4F16344.&"#
E<.(43%70.#C/()#I%44#V/6.j#I/.#H%(K/.6IL](%'#%'K#:./&.C#]303#
.(:%&&0#1%0)#'&I#43#1%00.#.(#%'F1#:./&.&#B('&I)#?./0.(.#](%L
7.&# W'# 40.66.&"""# &/F10# I%44# I%4# /(7.&Ih.C%&I# /&# a.&0(%6# ]%664#
?/(:6/F1#?/66)#I.&:#/F1"#E<.(43&#?%(#4.1(#3KK.&#W'#C/("#OT%440#I/.#
5.((YF:0.&# ('1.&O)# ?%(# I%4)# ?%4# .(# 4%70."# g&I# /F1# 40/CC.#
W?./1'&I.(0X(3W.&0/7# W'"# iG?316)# ?.&&# I/.# &.'.# ;&013&j#
T%=F3(G/%# >3<.66.# 9K6%&W.&# %'4# I.(# 2J66.# (%'4:3CC0# G/&# /F1#
7.6/.K.(0"##
EF1# ?.(I.# R/(# 4XQ0.(# /&# I.(# P3F1.# ./&.&# &3(C%6.&# H(/.K#
4F1/F:.&)#13KK.#/F1)#%G.(#/F1#I%F10.)#R'#?Y(I.40#?/44.&#?366.&)#
?/.#%66.4#%'47.7%&7.&#/40"#2%'X04%F1.#/F1#:%&&#C./&.#>QF10.#
?/.I.(#C/0#C./&.(#>3<.66.#<.(G(/&7.&#'&I#C./&.#U%7.#G./#I.(#
='F1.#&%F1#H.404.66.(&)#I/.#?/(#KY(#bd88#R366%(#:%'K.&#:J&&.&"#
EF1# 76%'G.# 9(Q4/I.&0# T/&F36&# 4%70.# ./&C%6# O5.(I%CC0.4#
=F1./N76YF:)#U'(:.j"O#R%&:.#KY(#R./&.&#;&('K#'&I#R./.0W0.4#
=F1(./G.&"#g&I#%64#;&0?3(0#%'K#R./&.#](%7.)#h.%1)#/F1#G/&#%'F1#
BmMmEmT"#
Z./&.#T/.G.#
#
$31&##
#
#(!
*+"#].G('%(#*+,*#
#
T/.G.(#Z("#[.&03&)#
#
4/.#:.&&.&#C/F1#&/F10)#%G.(#/F1#:.&&.#=/."#Z./&#>%C.#/40#V3L
G.(0%#=36(%F)#'&I#/F1#G/&#./&#'&.(4Q006/F1.(#T.4.(#<3&#;&013&j#
T%=F3(G/%v4#=.(/.&"#P/.#Z("#T%=F3(G/%)#KY16.#/F1)#I%44#I/.#>%0'(#
G.(./0#/40)#W'#(.<360/.(.&"#P/.#%'F1#/CC.()#/F1#4F1(/.G#Z("#T%=L
F3(G/%#6.0W0.&#Z3&%0#./&.&#]%&G(/.K#'&I#.(#%&0?3(0.0.#C/(`#EF1#
?%(# 4.1(# YG.((%4F10# '&I# 7..1(0)# '&I# 43# 4F1/F:0.# /F1# /1C# ./&#
R'0W.&I#V34.&"#M(#4%70.)#.(#4./#4.1(#YG.((%4F10#'&I#KY16.#4/F1#
?/.I.('C# 7..1(0# \I/.# V34.&# W'# G.:3CC.&_"# >3F1# &/.# 1%G.#
/1C# h.C%&I# V34.&# 7.4F1/F:0"# E&# '&4.(.C# H(/.K?.F14.6#
.(?Q1&0.#.(#%'F1#E1(.&#>%C.&#'&I#4%70.)#=/.#4./.&#I.(#B('&I#
KY(# 4./&.&# 6/0.(%(/4F1.&# U(/'CX1"# EF1# :%&&# E1&.&# :./&.# V34.&#
4F1/F:.&# 43&40# G/&# /F1# G%6I# X6./0."# ;G.(# /F1# 4.&I.# E1&.&# ./&.#
:6./&.# 9K6%&W.# KY(# E1(# HY(3)# </%# g9="# M4# /40# ./&# B6YF:4G(/&7.()#
EF1#13KK.)#.4#7.KQ660#E1&.&"#Z%F1.&#=/.#?./0.(#43#7'0.#;(G./0"#
E1(.#.(7.G.&.#
#
V3G.(0%#=36(%F##
#
#
mmm#
#
#
H#Y#(#3#/#�#.#(#&#.#4##Z#.#C#3#
;&D#V37.(#
53&D#$31&#
VMD#P%1&4/&&4.(./7&/4#
#
=F1%'# R/(# I.&# G./7.6.70.&# H(/.K# %&)# V37.()# R%&&# 4X(/F1# O=36L
(%FO# (YF:?Q(04"# EF1# 76%'G.# /F1# ?.(I.# ?/(:6/F1# <.((YF:0"# P%4#
1%G.#/F1#<.(G(3F1.&)#I%44#/F1#I/.4.&#[.(6#<.(I/.&0#1%G.f##
!
#)!
mmm#
#
#
53C#HY(3#I.4#a1.K6.:03(4#
;&D#$31&#[.&03&#
R%0'CD#bp"#b"#,*#
>;a2VEa2UD# 5/.66./F10# KY(F10.40# R'# R/F1# <3(# R./&.C# ./7.&.&#
=F1%00.&f# P.&&# &/F10)# ?%4# 4366# I%4f# P/.I.(%'K7.&3CC.&.#
M(C/006'&7.&#C/0#I.(#a.&0(%6#]%664#9"R"f#;&7.&3CC.&)#I%4#/40#
R.0?./66.(#L#'&I#/F1#40/CC.#W')#I.(#6.0W0.#>%C.#YG.(40./70#I/.#
Q'N.(40.#B(.&W.#I.4#-'K%664#'&I#I.(#=0/6#/40#Q1&6/F1)#3G?316#.4#
./&.# %&I.(.# =F1(./GC%4F1/&.# /40# L# .4# /40# ./&.# 1%(C634.# [6./&L
:/&I.(L=F1/:%&."#Z./&#V%0#/40D#5.(7/44#.4"#P.&&#OV3G.(0%#=36L
(%FO#R/(#./&.#9K6%&W.#X.(#9340#4.&I.0)#4F1C./N#4/.#/&#I.&#ZY66L
4F16'F:.(# 3I.(# I.&# 5.(G(.&&'&743K.&"# ZJ76/F1.(?./4.# /40# .4#
B/K0.K.'"# R%4# 7.10# R/(# %&# I/.# >.(<.&"# EF1# (%0.# R/(# .(&401%K0# L#
<.(7/44#.4`#
#
V37.(##
#
#
mmm#
#
#
H#Y#(#3#/#�#.#(#&#.#4##Z#.#C#3#
;&D#V37.(#
53&D#$31&#
VMD#OV3G.(0%#=36(%FO#
#
B/K0.K.')#2/CC.6"#R.(#[.(6#1%0#/&#./&.C#B.?QF141%'4#7.%(G./L
0.0"# ZJ76/F1.(?./4.# /40# .4# 0JI6/F1.(# >%F104F1%00.&)# 3I.(# H.66%L
I3&&%)#3I.(#.0?%4#Q1&6/F1.4"#
#
$31&##
$+!
mmm#
#
#
53C#HY(3#I.4#a1.K6.:03(4#
;&D#$31&#[.&03&#
R%0'CD#bp"b",*#
>;a2VEa2UD# EF1# 1%G.# YG.(6.70)# 3G# /F1# C/F1# W'# R/(# ('&0.(# /&#
I/.# 2%66.# t'Q6.)# 'C# C/0# R/(# W'# 4X(.F1.&"# ;G.(# /F1# .(?%(0.# ./L
&.&#;&('K#<3%(63?#OU1.#;e.C%&&#a3C.01O#M&I.(4#/&#./&/L
7.&# Z/&'0.&# '&I# CJF10.# &/F10# %'N.(1%6G# C./&.4# HY(34# 4./&"#
;G.(#</.66./F10#/40#.4#G.44.()#I%44#/F1#4F1(./G.)#?./6#R'#?/(:6/F1#
&/F104# W'# 76%'G.&# 4F1./&40)# .4# 4./# I.&&)# R'# 1%40# .4# 4F1(/K0L
6/F1"""# $31&)# 6%44# .4# 4./&"# R/.# R.0?./66.(L=%F1.# /40# <3(G./"# EF1#
?./N)#I%4#7%&W.#B.4F1QK0#1%0#R/F1#./&.#P./6.#7%&W#4F1J&#%'4L
7.:&3F:0#L#W'(#2J66.)#C/F1#%'F1#L#%G.(#h.0W0#C'440#R'#.4#6%4L
4.&"# P/(# 1%G.&# ?./0%'4# .(&40.(.# 9(3G6.C.# 1/.(# /C# 2%'4)# &'(#
K%664#R'#.4#&3F1#&/F10#G.C.(:0#1%40"#M4#7/G0#./&.#>.'3(I&'&7#
G/4# $'&/)# '&I# ?%4# ?/(# G/4# $'&/# 1%G.&)# /40# .4# &/F10# C.1(# ?./0"#
R%4#1./N0)#?/(#:J&&0.&#%66.#'&4.(.#S(4F1.#/C#=.X0.CG.(#I(%'L
N.%G.&"#g&4.(#OB&%I.&h%1(O#7.10#I.C#M&I.#.&07.7.&"#2J(#
%'K)# R/F1# YG.(# R.0?./66.(# W'# Q(7.(&# '&I# 'C# 2/CC.64?/66.&# L#
K/&I.#.0?%4)#I%4#/F1#<.(6.7.&#:%&&#'&I#C/0#I.C#?/(#B.6I#<.(L
I/.&.&# :J&&.&"# EF1# :%&&# C/F1# &/F10# :6%(.(# %'4I(YF:.&"# EF1#
C%7#R/F1#$31&)#%G.(#6%44#.4#4./&#'&I#K%&7#?/.I.(#%&#W'#%(G./L
0.&"#iI.(#/F1#C'44#./&/7.#1%(0.#M&04F1./I'&7.�(.KK.&"##
#
V37.(##
#
#
mmm#
#
#
H#Y#(#3#/#�#.#(#&#.#4##Z#.#C#3#
;&D#V/II6.j#
53&D#$31&#[.&03&#
VMD#ZJ76/F1.(?./4.#./&7.1.&I.#9%:.0.#
#
EF1#1%G.#I%4#B.KY16)#I%44#/F1#/&#I.(#:3CC.&I.&#P3F1.#3I.(#
I.&#&QF140.&#W.1&#U%7.&#/(7.&I?3#%'4#I.C#C/006.(.&#P.40.&#
./&# 9%:.0# .(1%60.&# :J&&0."# R.(# ;G4.&I.(# /40# V3G.(0%# =36(%F"#
!
$*!
=3660.&# =/.# 436F1# ./&# 9%:.0# .&0I.F:.&)# 43(7.&# =/.# I%KY()# I%44#
/F1#.4#&/F10#0'."#;&I.(4#7.4%70)#40.F:.&#=/.#.4#/&#I.&#&QF140.&#
ZY664F16'F:.("# EF1# 7.1.# I%<3&# %'4)# I%44# I/.# C./40.&# <3&# I.(#
B.4F1/F10.# C/0# R.0?./66.(# ?/44.&"# ZJ76/F1.(?./4.# 1Q&70# I%4#
I%C/0# W'4%CC.&# '&I# I.(# E&1%60# I.(# 9%:.0.# :J&&0.# 7.KQ1(6/F1#
4./&"#5/.66./F10#%'F1#&/F10)#.4#/40#%66.4#CJ76/F1"#
R%&:.#
$31&#[.&03&##
H#Y#(#3#/#�#.#(#&#.#4##Z#.#C#3#
;>D#$31&#[.&03&#
5i>D#V/II6.j#
HMUVE]]UD#ZJ76/F1.(?./4.#./&7.1.&I.#9%:.0.#
#
$.44/()#Z/40%1#[.&03&`#
#
V/II6.jc9340(%'C##
#
#
mmm#
#
#
;'4# I.C# 2./6/7.&# H'F1# <3&# a%(634# 2./6/:.(# Z3&%0# I.4# ]MHH;#
\M/&0(%7#l!_#EF1#?./N)#?/.#/F1#/1&#:(/.7."#EF1#1%G.#./&/7.#R/&7.#
%C#T%'K.&)#T3G#;GG%6%1"#9(./4.#I/.#B(Y&.#R.C.0.("#EF1#?.(I.#
4/.#%66.#:(/.7.&"#B(Y&)#7(Y&#C'44#.4#4./&"#2%1`#R'#$'I%4"#R'#
?./N0# &/F104"# ;G.(# /F1# ?./N`# ;'F1# %66.4# YG.(# R./&.# ](.'&I/&# L#
&'(#I%44#4/.#h.0W0#I/.#]./&I/&#/40)#?/.#?.&/7#R'#I%(YG.(#?./N0)#
?%4#4/.#7.(%I.#W'#0'&#G.(./0#/40"#M4#7/G0#./&#%&I.(.4#Z%'60/.(#/&#
R./&.C#=0%66)#Z("#$'I%4#B(3NC%'6LMI/03("#R%4#i'/h%#4%70)#I.(#
>%C.#I.4#Z%'60/.(4#/40#B%(j"#E&#C./&.&#U(Q'C.%G.#/F1#4/.#
7.4.1.&"#g&I#B;V@#/40#2;;VEB`#>/F10#?/.#R')#R'#:6./&.(#76%0L
0.(# $'I%4"# H%6I# 4F1/F:.# /F1# R/(# ./&# 9(Q4.&0"# $.I.(# 1%0# M(K367"#
$.I.(#$'I%4#/40#4/F1.(#/&#I.&#;(C.&#;GG%6%14"#[3CC#;GG%6%1"#
[iZZ#BVi==M#RMZMUMV`#[iZZM#BVn>`##
$"!
U./6#EEE#
!
$#!
92ETUVgZ#9VM==#H%&73()#Z%/&.#b888#
VERRTM@#P;T[MV)#I.(#[.&03&#C.1(#(.4X.:0/.(0)#%64#[.&03&#.4#
4.6G40#h.#KY(#CJ76/F1#1%60.&#?Y(I.#40/CC0#W'"#;G.(#/&47.1./C#
XK6.70# .(# ./&.# ;G?%(0.&L'&ILU..0(/&:.&LM/&40.66'&7"# M&I.# ].L
G('%(#*+,*#:3CC0#0%04QF16/F1#./	%:.0#<3&#OV3G.(0%#=36(%F)O#
%I(.44/.(0# %&# $31&# [.&03&# %&"# V/II6.j# JKK&.0# I%4# 9%:.0# C/0#
I.C# 40%(:.&# B.KY16)#I%44#I.(#;G4.&I.(#L#R.0?./66.(#L#./&#G.L
Q&740/7.&I# GJ4.(# Z%&&# /40"# P.&&# I%4# 43# /40)# :%&&# I.(# E&1%60#
I.4# 9%:.0.4# &'(# 4F1?.(# C/01%60.&"# M4# .&01Q60# 6.I/76/F1# ./&.&#
:(%&:# %'44.1.&I.&# MK.'# C/0# ./&.C# :6./&.&# 96%40/:4F1/6IF1.&)#
I%4#/&#I.(#M(I.#I.4#U3XK.4#40.F:0"#;'K#I.C#=F1/6I#40.10D#
2E`#
ZME>#>;ZM#E=U#-M>EU2#
Ea2#HE>#ME>#BM=a2M>[#]nV#$i2>#
5i>#ViHMVU;##
V/II6.j# 40.660# .4# %'K# ./&# 131.4# V.7%6# 4./&.4# ;'K.&01%604(%'L
C.4X'04#'&I#<.(7/440#.4"#
2/.(#4.0W0#I(./#U./6#I(./#./&"##
$$!
bd"#].G('%(#
#
T/.G.#V'01)#
#
/F1#1%G.#./%&W.4#]%F1#G.I.'0.&I.(#Z.C34)#%643#I%F10.#/F1)#
/F1# ?Y(I.# ./&/7.# <3&# /1&.&# I'(F16%'K.&# 6%44.&# L# 4/.1# R/(# I/.#
G./7.6.70.&# [3X/.&# %&)# %G4F16/.N.&I# C/0# ./&.(# 0jX/4F1# '&<.(L
4F1QC0.&# Z/00./6'&7# <3&# V/II6.j)# I.(# C/0# I.(# :316(%G.&L
4F1?%(W.&# 2%'0# '&I# I.&# I(./1'&I.(0# 7.?%60/7.&# ?./N.&# -Q1L
&.&"#R'#?/(40#G.C.(:.&)#I%44#V37.(#C/(#/&#I.&#;(4F1#7.0(.0.&#
1%0)# W/.C6/F1# 1%(0)# 7%(# &/F10# 43# ?/.# V37.(# 43&40# /40"# g&I# I%4#
W?./K.6634# %'4# 7'0.C# B('&I"# EF1# 76%'G.# &/F10)# I%44# C%&# 4.1(#
X%(%&3/I#4./&#C'44#'C#W'#4.1.&)#I%44#.(#YG.(#I/.#ZJ76/F1:./0#
(.I.0)# C/F1# W'# K.'.(&"# P.&&# /F1# C/0# /1C# I%(YG.(# G./# ./&/7.&#
Z%(0/&/4# /&# ]6%1.(0j4# &%F1# I.(# ;(G./0# 4X(.F1.&# ?Y(I.)# 76%'G.#
/F1# &/F10)# I%44# .(# 4/F1# 43# 1%(0# %'4I(YF:.&# ?Y(I."# >%0Y(6/F1#
1%00.# /F1# :./&.&# =F1/CC.()# I%44# .(# ./&.&# ;&('K# <3&# M&I.(4#
.(?%(0.0"# EF1# 1%G.# W?./K.6634# I/.4.&# ;(4F10(/00# <.(I/.&0"# EF1#
1%G.#?/(:6/F1#&/F10#C./&.&#$3G#7.C%F10"#;G.(#.(#1%0#%'F1#:./L
&.#;1&'&7#<3&#I.C#=F1(.F:.&)#I.&#I.(#H(/.K#/&#C/(#1.(<3(7.L
('K.&# 1%0# %64# /F1# G.7(/KK)# I%44# I%4# ?/.I.(# R.0?./66.(# ?%("# EF1#
G/&#W'#7300<.(I%CC0#IY&&1Q'0/7)#I%4#/40#.4)#?%4#V37.(#76%'G0"#
;G.(#R.0?./66.(#/40#.(4F1(.F:.&I#?.7.&#%&I.(.()#?.&/7.(#6./F10#
W'# <.(40.1.&I.(# R/&7."# R/.# K/e.# EI..# /&# /(7.&I./&.C# <.((YF:L
0.&#[3XK#W'#4./&)#7.1J(0#W'#I.&#'&%&7.&.1C40.&#B.KY16.&#I.(#
P.60"#PY(I.#/F1#$3I/.#]340.(#:.&&.&)#/F1#76%'G.#/F1#?Y(I.#/1(#
4%7.&)#I%44#/F1#1%%(7.&%'#?./N)#?/.#4/.#4/F1#KY160"#R%#/40#/CL
C.(# ./&.# 4XY(G%(.# =F1/F10# <3&# =F16./C# %&# R.0?./66.(4# Z/00./L
6'&7.&"#g&I#31#$'&7.)#31#h%)#/F1#?./N#/F1#:J&&0.)#/1&#%'4#C./L
&.C# [3XK# G.:3CC.&)# %G.(# /F1# 1%G.# &3F1# /CC.(# ;6X0(Q'C.#
<3&#I/.4.&#H/6I.(&"##
M7%6)# /F1# 1%G.# 53(4/F104C%N&%1C.&# 7.0(3KK.&)# 43# 7'0# /F1#
:%&&)#'&I#&./&)#/F1#1%G.#:./&.#E&0.&0/3&.&#/&#a.&0(%6#]%664#%&L
W'('K.&"#P/(#1%G.&#./.(6%740(.KK.&#C3(7.&"#EF1#?.(I.#<.(L
4'F1.&# C/0# %66# C./&.&#G.7(.&W0.&# ]Q1/7:./0.&# W'(YF:# %'K# I.&#
H3I.&# 9K%I# W'# :3CC.&)# .4# 4./# I.&&# /&# -.&/01# 23'4.# /40# I.(#
9K%I#43#4F1C%6)#I%44#.(#7%(#&/F10#.e/40/.(0"#EF1#6/.G.#R/F1)#/F1#
<.(C/44.#R/F1)#/F1#?%(0.#%'K#R./&.#VYF::.1("#5/.66./F10#/40#I/.#
U%04%F1.)# I%44# R'# 43# ?./0# ?.7# G/40)# ./&# U./6# I.4# 9(3G6.C4"#
>./&)#/F1#?/66#&/F10)#I%44#R'#R/F1#4F1'6I/7#KY1640"#
!
$%!
Z./&.#7%&W.#T/.G.)##
$31&##
#
#
mmm#
#
#
;'4#I.C#U%7.G'F1#<3&#V/II6.j#P%6:.(#
bp"b",*#
P/.#./&#=0./&)#I.(#/&#./&.(3N.(/66.&#U./F1#7.?3(K.&#?/(I#
1%0#I/.#R.0?./66.(#;KKQ(.#./&.#7%&W.#;&W%16#P.66.&#%&#C./&.C#
;(G./04X6%0W#7.4F16%7.&"#EF1#I%F10.)#I%44#%66.4#<3(G./#/40^#&3F1#
I/.4.&#>%F1C/00%7#(3660.#./&.#&%F1)#'&I#?.(#:%&%7.&)#I%44#
.4#I/.#6.0W0.#?%(f#EF1#1%G.#./&.#[3X/.#./&.4#YG.(%'4#:'(/34.&#
Z.C34# ./&G.1%60.&)# I%4# /F1# b"pd# g1(# <3&# [.&03&# .(1/.60# X6'4#
C./&.#./7.&.#;&0?3(0#\R%4#Z.C3#:%C#7.(%I.)#&%F1I.C#B.6G#
7.7%&7.&# ?%()# .0?%4# <.(Q(7.(0^# ?.41%6G# 43660.# .(# 4/F1# &/F10#
Q(7.(&#%64#.(#1.'0.#4./&.#./7.&.&#PY(K.6#C/0G(%F10.#'&I#/F1#43#
1JK6/F1# ?%()# 4/.# &/F10# W'# YG.(X(YK.&)# %G.(# <.(I%CC0)# :..&.(#
<.(40.10#I/.4.0#?./N.#536:"_##
EF1#76%'G.)#/F1#1%G.#I/.#R.0?./66.(#;KK%/(.#%'K#I/.4.&#=./0.&#
W'#.0?%4#(.F10#1%(C634.C#7.C%F10)#%G.(#/F1#43660.#1/&W'KY7.&)#
I%44# .4#C/F1#W'6.0W0#&/F10#YG.((%4F10#1%0)#I%44#[.&03&#I.(h.L
&/7.# ?%()# I.(# R.0?./66.()# I.&# 4F1'(:/4F1.&# [3C.0.&# /&# I.&#
'&40.0.&#\'&I#/F1#KY(F10.#I.7.&.(/.(0.&_#i(G/0#I.4#-.&/01#23'L
4.#7.4F1344.%0"##
M(# /40# 1.66.(# %64# =%&I(%# $%F:43&)# 1.66.(# %64# I.(# C/40<.(4X(/0L
W.&I.)#MK.'LT/7%L[(%?%00.�(%7.&I.#U.'K.6#P/66/%C#B.6G^#</.6#
40(%16.&I.(# %64# 2.(G.(0# 93(0.(# \93(0.()# ?/.# G.(./04# &30/.(0)#
?%&I.(0# &/F10# 3G.&# /&# Z4"# $%F:43&4# HY(3# &%F1I.C# 4/.# .4# %C#
U%7# <.(6Q440# '&I# %C# =/0W# /1(.4# HY(340'164# (/.F10# L# ./&# C.(:L
?Y(I/7.(#Z%&&)#%G.(#/F1#1%G.#:./&#V.F10#W'#'(0./6.&_#'&I#I.(#
./&W/7.#I/.4.(#23(I.#I.(#CJ76/F1.(?./4.#KQ1/7#/40#./&#:3CC.(L
W/.66.4# H'F1# W'# .(:.&&.&)# ?.&&# .4# /&# 4./&.&# H.(./F1# :QC."#
>'&# /40# .(# W.(K(.44.&# <3&# =F1'6I# '&I# 5.(6.7.&1./0# YG.(# I/.#
R.0?./66.(#;KK%/(.#'&I#:%&&#&'(#<.(4'F1.&)#I%44#.(#.4#.1.(#/&4#
TQF1.(6/F1.# W/.10"# M(# ?Y(I.# &/F10# .(:.&&.&)# I%44# 4./&.# M&0L
4F1./I'&7#4/F1#%66./&#I%4#H'F1#%&W'4F1%'.&#I.C3&40(/.(0)#I%44#
4./&.# 5.(6.7.(Li1(.&# &3F1# ?./0# 7.JKK&.0# '&I# &3F1# %&# I/.# 4YL
N.40.&#UJ&.#%&7.X%440#4/&I#L#I/.#1/CC6/4F1.&#>30.F1?.I/L
$&!
4F1.(# [%44.&# /&# R('7403(.4# 3I.(# H'F16QI.&# I/.# G./C# 5.(:%'K#
:6/&7.6&)# %'F1# ?.&&# .(# I(%'K# 7.403N.&# ?/(I"# ;'N.(40%&I.# W'#
.(:.&&.&)# I%44# I%4# G.?./40)# .(# <.(4'F10# .4# ?.&/740.&4"# R/.#
%&I.(.%G.&#%'K7.7.G.&"##
P/.#%'F1#/CC.()#1/.(#/40#I/.4.4#%CY4%&0.#Z.C3#L#W?/4F1.&#
I.&# -./6.&# 4.1.# /F1# ./&.&# Z%&&)# I.44.&# >.(<.&# I.(W./0# G6%&:#
6/.7.&)# ./&# Z%&&)# I.(# ./&.C# TJ?.&# 7.7.&YG.(0(.0.&# CJF10.)#
40%00I.44.&# h.I3F1# ;&740# <3(# ./&.(# Z%'4# 1%0"# M/&# Z%&&)# I.(#
6.0W06/F1# 4F1(./0D# OE///1)# ?.7# <3&# C/("# 2%'# %G`O# g&I# I%G./# W.(L
t'.04F10#.(#4/.#C/0#I.C#1%&I6/F140.&#H.4.&)#?.6F1.(#/&#I/.4.C#
]%66# 7.(%I.# V/II6.j# 4./&# C'44)# I.(# I/.# R(.F:4%(G./0.&# C%F10#
'&I#I/.#].&40.(#X'0W0#'&I#I/.#9340#<.(0./60"#$.44/()#Z/40%1#[.&L
03&)# /F1# <.(4F1.'F1.# 4/."# >%# :6%(# I3F1# <%4F1.'F1# /F1# I.0# '&L
76YF:4.6/7.#=36(%FL9%:.0#?.&.#..&4#4.&I.�'0"#5/.66./F10"##
;&I.(.(4./04)# </.66./F10# 43660.# 4/F1# $31&# [.&03&# I.&# [3&4.L
t'.&W../&.4#2%&I.6&4#40.66.&#L#%643#4./&.#./7.&.#Z%'4#030L
4F16%7.&"# =F16/.N6/F1)# ?.&&# C%&# 4./&.# Z%'4# &/F10# 0304F16Q70)#
?/(I# C%&# ?%1(4F1./&6/F1# &/.# <.(40.1.&# ?%4# KY(# ./&# 1%(C634.4#
:6./&.4#R/&7#43#./&.#Z%'4#/40"""#'&I#/40#.4#&/F10#CJ76/F1)#I%44#
[.&03&v4# U%7.# %64# ./&# &Y0W6/F1.(# T.:03(# 7.WQ160# 4/&I)# ?.&&# .(#
C/0# 7.6.7.&06/F1.&# 5.((YF:01./0.&# ?/.# a%(634# OV3G.(0%O# R.0L
?./66.(#&/F10#:6%(:3CC0f##
EF1#43660.#I/.4.&#]%66#%G?Q7.&"#EF1#76%'G.#.4#7/G0#./&.#4.1(#
7'0.# a1%&F.)# I%44# :./&# 9%:.0# :3CC.&# ?/(I)# %G.(# /F1# ?.(I.#
I%4#%66.4#%G?Q7.&"##
##
bA"b",*#
U%04QF16/F1#:%C#1.'0.#.0?%4#<3&#I/.4.(#Cj40.(/J4.&#OV3G.(0%#
=36(%FO`#EF1#?'440.#&/F10)#3G#/F1#C/F1#%CY4/.(.I.(#.CXJ(.&#
43660.# L# YG.(# C./&.# ./7.&.# V.%:0/3&)# ?.6F1.# I%(/&# G.40%&ID#
=0%((.&)#0/.K.(#G/4#/&#I/.#M/&7.?./I.#(./F1.&I.(#=F1(.F:..L
K3670#<3&#./&.C#40%(:.&#R(%&7)#I%4#R/&7#/&#I.&#ZY664F16'F:.(#
W'#?.(K.&)#7.&%'#?/.#.4#[.&03&#/&#I.(#>30/W#%&7.?/.4.%00."#
R/.#X1j4/4F1.#V.%:0/3&#:%C#%'7.&G6/F:6/F1)#%64#/F1#I.&#;G4.&L
I.(# 4%1# '&I# I.&# >%C.&# I%(%'K# C/0# [.&03&4# Z.C3# <.(76/F1"#
96J0W6/F1# 4F1%'I.(0.# .4# C/F1"# M/&.# B%&4# 6/.K# YG.(# C./&# B(%G"#
EF1# 1J(0.# ./&# :6%(.4# [6/&7.6&# /&# C./&.C# i1(# '&I# /F1# :3&&0.#
KY16.&)# ?/.# 4/F1# C./&# 2%%(# %'K40.660."# R/.4.# =/&K3&/.# :J(X.(6/L
F1.(# ;0%</4C.&# I%'.(0.# &/F10# 6Q&7.(# %64# KY&K# =.:'&I.&"# g&I#
!
$'!
I%&&# G.('1/70.# 4/F1# %66.4# L# %G.(# .4# 1/&0.(6/.N# /&# C/(# ./&.&#
X6J0W6/F1.�/.K.#o'%6#/C#2.(W.&"##
]63jI#?Y(I.#7(/&4.&#'&I#.4#./&.#O>/77.(LV.%:0/3&O#&.&&.&"#
;G.(#I%4#?%(#.4#&/F10"#M4#?%(#./&.#C.&4F16/F1.#V.%:0/3&"#>/F10#
%'K# I/.# =%F1.# 4.6G40# L# I.(# E&1%60# I.4# 9%:.04# ?%(# .(&YF10.(&I#
&%F1#%66#I.C#B.4F1(./#L#%G.()#I%#G/&#/F1#4/F1.()#%'K#I/.#2Q&I.#
I/.# =F1%F10.6# (/&74'C# I3XX.60# <.(4F1&Y(0# 1%00.&# '&I# I%&%F1#
./&.# G(%'&.# 9%X/.(./&:%'K40Y0.# W.(4F1&/00.&# 1%00.&)# 'C# I%4#
9%:.0# <.(4%&IK.(0/7# ./&W'X%F:.&"# R/.# 2Q&I.)# I/.# G%&I.&)# G.L
:6.G0.&#'&I#0('7.&"#R.0?./66.(4# 2Q&I."#=X(.F1.#/F1#<3&#U.6.L
X%01/.f#$%"""#'&I#&./&"#M4#?Q(.#?316#G.44.(#W'#4%7.&#/F1#4X(.L
F1.# <3&# ./&.(# ;(0# X%44/<.(# 94jF13:/&.4."# 2'&I.# 4F1.'.&# W'L
(YF:# <3(# Z.&4F1.&)# I/.# [(.G4# 1%G.&"# =/.# (/.F1.&# .4"# R%(%'K#
G.1%((0.#h.I.&K%664#C./&.#6/.G.#%60.#U%&0.#i6jCX/%"#;'K#I/.4.6L
G.# ;(0# ?/00.(0.# /F1# R.0?./66.(# YG.(%66# %&# I.(# =F1%F10.6)# '&I#
h.0W0#<.(40%&I#/F1#[.&03&4#H.43(7&/4#G.44.(#'&I#1%G.#./%&L
W.4#U./6#C.1(#=jCX%01/.#KY(#/1&"#EF1#76%'G.#a%(634#R.0?./66.(#
C'44#./.KQ1(6/F1.(#E((.(#4./&"""%G.(#I/.#9K6%&W.#/40#:./�JI6/L
F1.(#>%F104F1%00.&# 3I.(#H.66%I3&&%#3I.(#7%(# ./&#B/K0X/6W"#iGL
?316# .4# ./&/7.# 3I.(# %66.# I/.4.# R/&7.# /&# R.0?./66.(4# K/.G(/7.C#
2/(&# 4./&# :J&&.&"# M4# /40# &'(# ./&# :6./&.(# '&I# 4.1(# ?.6:L
%'44.1.&I.(#7.?J1&6/F1.(#MK.'#/&#./&.C#(30.&#H6'C.&03XK"#iG#
?.7.&#I.(#>/77.(LV.%:0/3&#\]63jI#P%6:.(_#3I.(#I.(#C.&4F16/L
F1.&#\4./&#H('I.(#V/II6.j_#L#/F1#?3660.#I%4#R/&7#?/(:6/F1#?.7L
?.(K.&"""%G.(# &%F1I.C# I%4# =F1%'I.(&# <3(G./# ?%()# 4F1/.&# .4#
C/()# /F1# 43660.# ?./0.(C%F1.&# '&I# I%4# 9%:.0# JKK&.&# 3I.(# /F1#
:J&&0.# C/F1# 4.6G40# :./&.&# Z%&&# &.&&.&"# ;643# 0%0# /F1# .4)# .(L
?%(0.0.# h.I.# Z.&7.# 7(%'4%C.(# H/6I.(# L# 13F1.eX634/<.# 4.6G40L
7.G%40.60.# R('F:GQ&I.()# =F1%(.&# '&%&7.&.1C.(# =X/&&.&# ?/.#
W"#
H"#
4F1?%(W.#
P/0?.&)#
./&.&#
P'(K#
<3&#
H%GjL
Z3:%44/&4F16%&7.&"# g&I# I%&&# ?%(# .4# ./&K%F1# &'(# ./&.# :6./&.#
MK.'XK6%&W.# C/0# 7.6G7.(%&I.0.&# H6Q00.(&# \</.(_)# <3&# ./&.C#
CYI.&)# I'(F11Q&7.&I.C# =0/.6# 1.(%G&/F:.&I"# R/.# M(I.# /40#
?%F14G(%'&)# (/.F10# 4'CXK/7# '&I# '&%&7.&.1C"# M4# 40.F:0.# ./&#
:6./&.4#96%40.4F1/6I#/&#I.(#M(I.)#I%(%'K#40%&ID##
2E`#
ZME>#>;ZM#E=U#-M>EU2#
Ea2#HE>#ME>#BM=a2M>[#]nV#$i2>#
5i>#ViHMVU;##
#
$(!
M4#?%(#./&#;'KG6/0W.&#<3&#]'(F10)#I%4#C/F1#%&0(/.G)#I%4#9%L
:.0# W'# JKK&.&"# S1&6/F1# ?/.# I/.4.4# ;'KG6/0W.&)# I%4# C/F1# %&I.(4#
.&04F1./I.&# 6/.N)# %'K# I/.# B.K%1(# 1/&)# I%44# [.&03&# .4# .(KQ1(0)#
?%4#6./F10#7.&'7#4./&#?Y(I."#\OR/.#9K6%&W.)#Z/40%1#[.&03&f#i1#
h.)# /F1# 763G)# /F1# 1%G# <%7.44&)# ?%44.# 7.4%70# 1%C"# EF1# G/&# I.#
<%7.446/F140.#Z%&&#'KK#I.#P.60`O_#T%44#I/.#P37./F1#76Q00.&)#
6%44#/1&#R.0?./66.(#<.(7.44.&)#?.&&#.4#I%4#/40)#?%4#.(#?/66"#EF1#
1%G.#-.&/01#I/.#MK.'XK6%&W.#%'K#./&#V.7%6#/&#C./&.(#2%'4C./L
40.(L#'&I#9340W.66.#7.40.660"#M/&#V.7%6)#I%44#4F1J&#%'N.(#[.&L
03&4#=/F10#/40#\&/F10#I%44#.(#4/F1#1Q'K/7#1/.(#%'K1Q60)#%&I.(4#%64#
B.6G# C/0# 4./&.(# PY(K.6K/e/.('&7_"# EF1# ?.(I.# 4/.# G.1%60.&)# G/4#
4/.#<.(?.6:0#'&I#I%&&#?.(I.#/F1#4/.#?/(:6/F1#/&#I.&#ZY664F16':L
:.(#?.(K.&"#R%4#?/(I#I%4#M&I.#<3&#R.0?./66.(#G.4/.7.6&"#2%G.#
YG.(4#P3F1.&.&I.#d8#=./0.&#<3&#I.C#V3C%.4F1%KK0"#B.6G#
4F1'6I.0#C/(#h.0W0#Ad)!8#R366%("##
#
#
mmm#
#
#
;'4#U1.#>.?#@3(:#9340)#=./0.#*)#!"#ZQ(W)#*+,*D#
P;2>=E>>EBMV# BM>MV;T# HVEa2U# ;g=# RMZ# i;[# ai5M#
[V;>[M>2;g=#;g=^#UxUMU#RVME#ZM>=a2M>``##
#
\=3&I.(G.(/F10# I.(# 9340_# B.&.(%6C%h3(# \;R_# ;&013&j# V"#
2.F:46.()# [3CC%&I.'(.&# '&I# 9%(0/4%&.&)# I/.# /1C# ?Q1(.&I#
I.4# -?./0.&# P.60:(/.74# I'(F1# ](%&:(./F1# K3670.&# G.:%&&0# %64#
OM/4.&C%7.&O# 2.F:46.()# /40# 6.0W0.# >%F10# %'4# I.C# i%:# a3<.#
2./C#%'47.G(3F1.&"#;'K#4./&.(#]6'F10#/&#I/.#](./1./0#.(40%F1#.(#
W?./#[(%&:.&0(Q7.(#'&I#./&.#=F1?.40.("#B.&.(%6#2.F:46.(#?%(#
<3(#bA#Z3&%0.&#/&#I/.#;&40%60#/&#I.(#:6./&.&#=0%I0#a'06.(4</66.#
./&7.?/.4.&# ?3(I.&"# -'<3(# ?%(# .(# ?.7.&# g&W'(.F1&'&74KQL
1/7:./0#<3C#53(?'(K#I.4#;&7(/KK4#C/0#0JI6/F1.&#P%KK.&#'&I#I.4#
;&7(/KK4#C/0#UJ0'&74%G4/F10#K(./7.4X(3F1.&#?3(I.&"#=./&#iXK.(#
?%(#I.(#%6G%&/4F1.#H'4K%1(.(#2.(C%&#U"#=F1&.'()#I..F:4L
6.(# /&# ./&.C# 9(303:366# %64# O./&.(# I.(# *b# &3(I%C.(/:%&/4F1.&#
53(%(G./0.(# I.4# ;&0/F1(/40.&O# G.W./F1&.0."# R/.# U30.&# /C# i%:#
a3<.#4/&I#>3(C%&#;G6.43&)#bl#$%1(.^#$31	/.0)#!8#'&I#;6/F/%#
9.&G(3:.)#p!"##
#
!
$)!
T.'0&%&0# ;(01'(# 9"# ]3(I# <3&# I.(# =0%0.# 936/F.# ?%(# YG.((%L
4F1.&I# G.I(YF:0)# %64# .(# 7.K(%70# ?'(I.)# 3G# .(# .(?%(0.0)# I%44#
B.&.(%6# 2.F:46.(# 4F1&.66# ?/.I.(# 7.K%440# ?.(I."# OP/(# 13KK.&#
&%0Y(6/F1#%'K#./&.#4F1&.66.#].40&%1C.O)#4%70.#.("#O;G.(#I%4#/40#
./&# Z%&&)# I.(# /C# -?./0.&# P.60:(/.7# '&I# /&# [3(.%# B'.(/66%L
M/&1./0.&# 0(%/&/.(0# 1%0"# g&I# I.(# C.1(# %64# G./# &'(# ./&.(# B.6.L
7.&1./0# <3&# B.&.(%6# P.40C3(.6%&I# /&# 5/.0&%C# :3&4'60/.(0#
?'(I."# M(# /40# h.0W0# Ab)# %G.(# .(# /40# &3F1# 40%(:# '&I# <.(G6YKK.&I#
%7/6)#?/.#4./&.#]6'F10#%'4#I.C#i%:#a3<.#G.?./40"O##
]3(I#4X/.60.#I%C/0#%'K#I.&#CJ76/F1.&#]6'F10?.7#2.F:46.(4#%&#
L#./&#=X('&7#%'4#./&.C#].&40.(#I.4#W?./0.&#=03F:?.(:4#/&#I.(#
5.(?%60'&7#C/00.&#/&#I.&#I%('&0.(#6/.7.&I.&#B%(0.&#\]3034#%'K#
=./0.&#b)p#'&I#2%'X00./6_"#]3(I#?%(&0.#h.I.&#/C#'&C/00.6G%(.&#
B.G/.0# <3(# I.C# <.((YF:0.&# B.&.(%6"# M(# G.4F1(/.G# /1&# %64# O.eL
0(.C# F6.<.()# Q'N.(40# 7.KQ1(6/F1# '&I# %'47.4X(3F1.&# 7./40.47.L
40J(0O"##
E&#./&.C#:'(W.&#E&0.(</.?#G.40Q0/70.#I%4#M66.&#["#Z33(4)#I/.#
<.(%&0?3(06/F1.#S(W0/&#/.F:46.(4#]%66D#OM(#1%00.#./&.#V/.4.&L
C.&7.# ]./&I.O)# 4%70.# 4/.# OW'C/&I.40# /&# 4./&.(# 53(40.66'&7"#
=./&.#P%1&<3(40.66'&7.&#?%(.&#Q'N.(40#:3CX6.e)#%G.(#.(#<.(L
63(#&/.C%64#I.&#H.W'7"#;'K#4./&.#;(0#?%(#.(#I.(#0jX/4F1.#E&4%4L
4.)# %G.(# .(# 1%0# &/.# <J66/7# I.&# H.W'7# <.(63(.&"# M/&# E&K3(C%&0#
4%70.# '&4)# 2.F:46.(# 1%G.# ;G6.43&)# 9/.0# '&I# 9.CG(3:.# CJ76/L
F1.(?./4.# C/0# ./&.(# ](/4.'(4F1.(.# .(403F1.&"# P./0.(# C./&0.#
'&4.(.# o'.66.)# .4# 7%G# &/F10# ./&.&# ./&W/7.&# =F1(./"# ;66.&# I(./#
?'(I.#I/.#[.16.#%'K7.4F16/0W0"##
#
#
mmm#
#
#
;'4#I.C#U%7.G'F1#<3&#V/II6.j#P%6:.(#
d"p",*##
P%4#./&#./&W/7.(#U%7#%'4C%F10`#B.40.(&#?%(#2.(G#93(0.(#&3F1#
.(# 4.6G40# L# K.00)# 4F16%CX/7)# ./&.# -/7%((.# (%'F1.&I# ?Q1(.&I# .(#
G./C# P%44.(:Y16.(# 40%&I)# [.&03&# '&I# B.6G# .(:6Q(.&I# ?/.# I.(#
7(3N.#-'7#I.(#P.60#K%1(.&#?Y(I.)#?.&&#.(#I.(#T3:KY1(.(#?Q(."#
R.(# Z%&&# /40# ./&# ?%&I.6&I.4# V.%I.(4# R/7.40# <366# 4F1?%K.6&IL
I'(F14F16%7.&I.(#TJ4'&7.&)#./&.#;&4%CC6'&7#I.:6%C/.(.&I.(#
;&0?3(0.&#I/.#.(#/&C/00../&.(#;'4IY&40'&7.&#<3&#-/7%((.&L
%+!
(%'F1# '&I# ?/I.(6/F1# 4F16.F10.C# ;0.C# <.(G(./0.0"# =F16/.N0# I/.#
B(.&W.&# '&I# 6%440# :./&.# =X/3&.# '&I# Z.e/:%&.(# (./&"# =F16'44#
C/0#I.&#=F1?%&7.(4F1%K04%GG(YF1.&"#H%'0#C.1(#B.KQ&7&/44.`#
Z%F10# I.&# H.4/0W# <3&# Z%(/1'%&%# .&I6/F1# ?/.I.(# W'C# [%X/0%6L
<.(G(.F1.&"#5.(:%'K0#G/3F1.C/4F1.#53((Q0."#[%'K0#[%G.6LU5"##
M(#/40)#%'K#4./&.#;(0#L#3I.(#?%(#.4#G/4#1.'0.#L#./&#?'&I.(<36L
6.(#Z%&&D#('&I'C#'&I#X.(K.:0#<.(4/F1.(0)#YG.(W37.&#C/0#53(L
'(0./6.&)# <3667.403XK0# C/0# H/7300.(/.)# '&I# C/0# 7.(%I.# %'4(./L
F1.&I# Z'00.(?/0W# %'47.40%00.0)# 'C# ./&.&# $3G# ?/.# I/.4.&# W'#
G.1%60.&"# 93(0.(# /40# I/.# 5.(:J(X.('&7# I.(# B(3N.&# ;C.(/:%&/L
4F1.&#Z/00."#=37%(#4./&.#<.(./&W.60../C6/F1.&#MeX.I/0/3&.&#
/&# =%&I(%# $%F:43&4# HY(3)# 'C# %&# I.C# =/0W# /1(.4# =0'164# W'#
4F1&YKK.6&# 7.KQ660# C/("# M/&.# 4/F1# ./&4F1C./F1.6&I.# :6./&.#
=F1/.N4F1%(0.#/&#I.(#?%&I.6&I.&#].40'&7#I.4#P316G.1%7.&4#L#
I%4#/40#Z%44%#9300%"##
i1)# %G.(# 1.'0.`# P%4# KY(# ./&# <.(Q&I.(0.(# 2.(G.(0# 93(0.(#
:(3F1# 1.'0.# /&# C./&# 2%'4C./40.(:QCC.(F1.&`# =./&# 4.6G40W'L
K(/.I.&.4#(30.4#B.4/F10#?%(#G6./F1#'&I#0(YG."#R/.#G6%'.&#;'7.&#
G.?.70./F1#40Q&I/7#1/&#'&I#1.()#43#I%44#93(0.(#%'44%1#?/.#
./&#Z%&&)#I.(#./&.C#U.&&/44X/.6#W'4F1%'0)#437%(#?.&&#.(#C/F1#
%&4F1%'0."# =./&.# T/XX.&# ?%(.&# 43# C/0# =X./F1.6# G.I.F:0)# I%44#
4/.# 6%F:/.(0# ?/(:0.&"# g&I# 3G?316# .(# &%0Y(6/F1# /CC.(# &3F1# K.00#
?%()#4%1#.(#%'F1#%'4)#%64#3G#.(#.0?%4#<3./&.(#=0(%KK1./0#<.(L
63(.Q00.#L#%64#3G#I.(#2.(G#93(0.(#'&0.(#4./&.(#2%'0#W'4%CL
C.&7.4F1('CXK0#?Q(.)#2%'0#%&#=0.66./&0.(6%44.&I)#?3#<3(L
1.(#40(%KK.#=X%&&'&7#?%("#OM(#/40#(%'4O)#K6Y40.(0.#93(0.("##
OP.(v&)#Z/40%1#9300%fOK(%70.#/F1)#EF1#?%(#?/(:6/F1#&.'7/.(/7"#
EF1# :3&&0.# C/(# &/F10# <3(40.66.&# ?.6F1.# CQF10/7.# =F16.'I.(#
3I.(# Z%4F1/&.# 436F1# ./&.# H(.4F1.# /&# I/.# ].40'&7# 2.(G.(0#
4F16%7.&#:3&&0."#;66.(I/&74#&.1C.#/F1#%&)#I%44#/F1#.4#G.(./04#
%1&0."#M(#G30#C/(#I/.#-./0'&7#%&#L#I/.#9340)#&%0Y(6/F1"#M(#/40#I.(#
./&W/7.# 1/.()# I.(# 4/.# 6/.40"# [.&03&# '&I# P%I.# 6.4.&# I/.# U/C.4"#
B.6G# '&I# $%F:43&# G(/&7.&# I/.# U/C.4# C/0)# 6.4.&# %G.(# 1./C6/F1#
I/.# R%/6j# >.?4# \I/.# 2%&I)# I/.# I/.# P/.7.# G.?.70)# (.7.60# </.6L
6./F10#I/.#P.60)#%G.(#I/.#2%&I)#I/.#I.C#?./N.Ș:#I/.#9%X/.(L
:J(G.# %'46..(0)# :.&&0# I/.# B.1./C&/44.# <3&&.# P.60"_# ;G.(# I/.#
9340# ?%(# KY(# T.'0.# ?/.# 2.(G# 93(0.(# 7.C%F10"# M(# 4X/.60# P/&73#
%'K#(.6/7/J4.#;(0)#'&I#.(#4%70)#?.&&#.(#h.C%64#(/F10/7#?%4#7.L
?/&&0)# :%'K0# .(# 4/F1# ./&.&# P/&&.G%73)# C%60# I%4# P3(0#
PE>BiH;Bi#%'K#I/.#=./0.#'&I#KQ1(0#I'(F1#I%4#T%&I"##
!
%*!
EF1#&%1C#4/.)#JKK&.0.#4/.#'&I#6%4#I/.#nG.(4F1(/K0"#OR.(#B.&.L
(%6#/40#7.K631.&O)#K6Y40.(0.#.("#=./&.#;'7.ƓXX0.&#'&I#t'36L
6.&# K%40# 1.(%'4# KY(# ./&.&# Z3C.&0# '&I# .(# 40%((0.# C/F1# IY40.(#
'&I#<366.(#;&740#%&"#OM4#/40)#%64#3G#I.(# <.(I%CC0.#R.0?./66.(#
'&4#<.(K6'F10#1%0"#R.(#B.&.(%6#/40#%'47.G(3F1.&#'&I#/F1#1%G.#
4./&#H'F1#%G7.6.1&0`r#
q>')# &')# Z/40%1# 9300%O)# 4%70.# /F1"# O[./&# B('&I)# 4/F1# 43# W'#
1%C"#R.(#Z%&%0#</.(#3I.(#KY&K#I'0W.&I#R/&7%#W'#.(6.I/h.&)#
G.<3(#.(#W'#E1&#:3CC0"r#
q;G.(# /F1# :J&&0.# I/.# >'CC.(# ./&4# 4./&O)# K6Y40.(0.# .("# OECL
C.(1/&)#/F1#1%G.#4./ᲄ<.(I%CC0.4#H'F1#%G7.6.1&0"O##
R%4#?%(#?%1("#g&I#.4#/40#/(3&/4F1)#?/.#W?./#43#7('&I4Q0W6/F1#
'&0.(4F1/.I6/F1.#Z.&4F1.&#?/.#[.&03&#'&I#93(0.(#.4#/&#I/.4.C#
P/&0.(#7.4F1%KK0#1%G.&)#4/F1#4.6G40#/.&%'#I/.#76./F1.#=/0'%L
0/3&# W'# C%&J<(/.(.&# L# h.I.(# I%4# -/.6# ./&.4# %G7.?/.4.&.&# ;'L
03(4)#I.(#7.(%I.#?%1&4/&&/7#?'(I."#\R.0?./66.(4#;G6.1&'&7#./&#
G/44F1.&# I(%C%0/4F1.(# %64# I/.# I.4# B.&.(%6C%h3(4)# W'7.7.G.&)#
%G.(#I%4#?%(#W?./K.6634#R.0?./66.(4#./7.&.#=F1'6I_#R.(#g&0.(L
4F1/.I)#/F1#?./N#.4#%'F1#?.&&#.4#:./&#%&I.(.(#0'0#\1JF140.&4#
V37.(# P%I._)# /40# I.()# ?Q1(.&I# [.&03&# I%F10.)# .4# 7.G.# </.6L
6./F10# ?/(:6/F1# ./&.&# [./C# KY(# ./&# H'F1# /&# R.0?./66.(4# H.4.4L
4.&1./0)#?'440.#93(0.(#G.44.(#H.4F1./I#G.WY76/F1#I.4#B.&.(%64"##
;G.(# 93(0.(# /40# ./&.(# <3&# I/.4.&# T.'0.&)# I/.# %66.4)# ?%4# .4#
YG.(#I.&#-?./0.&#P.60:(/.7#W'#6.4./G0)#(.7.6(.F10#<.(4F16/&L
7.&)# I/.4.# B.4F1/F10.&# I.4# P.40.(&L2.6I.&# \I.4# ?./N.&# P.L
40.(&1.6I.&_#I.4#b8"#$%1(1'&I.(0"#g&I#.(#?'440.#?.(#2.F:46.(#
?%("""#/&#./&.C#[(/.7#I.(#<366#C/6/0Q(/4F1.(#H.(Y1C01./0.&#?%()#
?%(# 2.F:46.(# ?/.# ./&.(# I/.4.(# 2366j?33I# =X/.N.(# \?.&&# =/.#
<.(40.1.&# ?%4# /F1# C./&._)# %G.(# KY(# 93(0.(# ?%(# .(# h.C%&I"# =3#
K3(I.(0.# .(#%643#I%4#:3CX6.00.#Z%&'4:(/X0#<3&#Ob8#YG.(4/&&6/L
F1.# B%(0.&G6'C.&O# %&)# 0(30W# I.4# <.(1..(.&I.&# Z%&'4:(/X04)#
I%G./# ./&.&# Z%&&# .(C'&0.(&I# I.()# /&# ;&G.0(%F10# I.(# o'%6/0Q0#
'&I#I.4#E&1%604#4./&.(#U.e0.)#4XY(G%(#./^jF13X%01#?%("#EF1#
KY160.)# I%44# I/.# ]367.# '&I# 4./&# 4XY(G%(.4# M&04.0W.&)# 3G?316#
&/F10#<3(%'4W'4.1.&)#0./6?./4.#4./&#./7.&.(#].16.(#?%(.&"##
EF1#40/CC0.#W')#I%44#.(#CJ76/F1.(?./4.#I/.#>'CC.(#./&4#%'K#
I.(# 2/06/40.# I.4# B.&.(%64# 4./&# :J&&0.# \?.&&# I/.4.(# %(C.# 5.(L
(YF:0.# &/F10# 7.(%I.# .0?%4# %&I.(.4# 0'0)# %64# /&# M&0?Q44.('&74L
7(QG.&# W'# 13F:.&# 3I.(# %'K# ZY661%6I.&# I.&# ;GK%66# I'(F1W'40JL
G.(&_)# %G.(# /F1# ?/.I.(1360.)# I%44# /F1# .4# KY(# '&?%1(4F1./&6/F1#
%"!
1/.60"#EF1#KY70.#1/&W')#I%44#.(#CJ76/F1.(?./4.#7.4F1&%XX0#?/(I)#
G.<3(# .(# YG.(1%'X0# d8# Z./6.&# <3&# >.?# @3(:# a/0j# ?.7# /40)#
4.6G40# ?.&&# .(# .&04F1/.I.&# 1%G.&# 43660.)# 93(0.(# W'# G.4'F1.&)#
'&I#/F1#.&I.0.#I%C/0)#I%44#/F1#/1C#4%70.)#I%44#</.6.#94jF13X%L
01.&)# ?.&&# 4/.# X6J0W6/F1# /&# ./&.(# '&G.:%&&0.&# gC7.G'&7# '&I#
K(./# 4/&I)# 4/F1# 4.6G40# 'CG(/&7.&"""%66.(I/&74# 4%70.# /F1# /1C# I%4#
&/F10#C/0#7.&%'#I/.4.&#P3(0.&"##
93(0.(#G.0(%F10.0.#C/F1#./&.&#Z3C.&0#C/440(%'/4F1#'&I#4%7L
0.#I%&&D#OV/II6.j#L#C%F1#I/F1#&/F10#6'40/7#YG.(#C/F1"r#
q>.)#=.(`r#
qP%(40#I'#?/(:6/F1#%'K#I.C#a366.7.fr#
q$.44/("r#
qg&I#I'#1%40#94jF13637/.:'(4.#G.6.70fr#
q$.44/()#4/F1.("r#
q94jF13637/.#I.4#;G&3(C.&fr#
q$.44/()# '&# I.# 40%(:# <.(?%&0&# C/0# I.C# =.6G40C3(I4j&I(3C#
/C#-'4%CC.&0'&#C/0#I.#X%(%&3/I.	.(4J&6/F1:./0`#R('C)#'&#
I.41%6G# :J&&0.# B.&(v6# 2.F:46.(# 4/F1# I%4# B.&/F:# G(.F1.&# 0'&#
3I.(#C/0#&.(#B6Y1G/(&.#7'(76&)#437%(#7.&%'#h.0W.)#?Q1(&vI#?/(#
1/.(#4X(.F1.�'&)#Z/40%1#9300%`O##
M(#4F1%'0.#C/F1#6%&7.#%&#'&I#I%&%70.#.(D#OP.&&#I'#%'K#
I.C#a366.7.#?%(40)#V/II6.j)#?.41%6G#4X(/F140#I'#%'K#I/.4.#P./L
4.fr#
qP.6F1.# P./4.# /4# I%4)# Z/40%1# 9300%fO# M(# G.0(%F10.0.# C/F1#
&3F1# ./&.&# Z3C.&0# 6Q&7.(# '&I# 4%70.# I%&&D# O=F13&# 7'0"O# M(#
G.'70.# 4/F1# .0?%4# &Q1.(# 1.(%&)# &%1# 7.&'7)# I%44# /F1# G/66/7.#
-/7%((.&#(/.F1.&#:3&&0.)#2%%(?%44.(#'&I#I.�(YG.&#B.40%&:#
I.(# ]'(F10"# O[%&&40# I'# C/(# ./&# B.?.1(# G.43(7.&fO# ]Y(# ./&.&#
Z3C.&0# ?%(# /F1# 4X(/F1?J(06/F1# 4X(%F1634# L# ?%4# '&7.KQ1(# I%4L
4.6G.# /40)# %64# ?.&&# C%&# 4%70# \]63jI# ?Y(I.)# 7%(%&0/.(0_# I%44#
a1/&%#KY(#./&.&#Z3C.&0#C.&4F1.&6..(#?Q(."##
EF1# 1%00.# I.&# 5.(I%F10)# I%44# .(# I%4# U1.C%# :3CX6.00# 7.L
?.F14.60# 1%00."# g&I# ?%4# /F1# %64# O[%&&40# I'# C/(# ./&# B.?.1(#
G.43(7.&O#1J(0.#0%04QF16/F1#1/.N#O[%&&40#I'#.4#C/(#&3F1#C.1(#
G.43(7.&O#3I.(#43"#H.I.'0'&7#<3&D#I'&:.61Q'0/7.#](%')#I/.#.4#
KY(# B.6I# %'K# I.C# T%I.&0/4F1# C%F10)# ?.7.&# I.(# T.G.&4C/00.6L
C%(:.&)# I/.# %'47.7%&7.&# 4/&I)# '&I# 4/.# C'44# I/.# ='XX.)# I/.#
4/.#4/F1#./&7.G(3F:0#1%0)#4.6G40#%'46JKK.6&"#Z./&.#.(40.#V.%:0/L
3&# ?%(# C/F1# 1/&W'?.(K.&)# /&# ?/6I.4# B.6QF10.(# %'4W'G(.F1.&#
3I.(# /1&# W'# ?Y(7.&# G/4# 4./&# B.4/F10# 7.&%'43# (30# ?/.# 4./&.#
!
%#!
[(%?%00.# 4./&# ?Y(I."# R%&&)# <.(4XQ0.0)# G.7%&&# /F1# W'# G.7(./L
K.&)#I%44#.(#?/(:6/F1#B.?.1(#7.4%70#1%00."""/&W?/4F1.%00.#.(#
I/.# nG.(6%40'&7# C./&.(# C.&0%6.&# =F1%600%K.6# %64# ;G6.1&'&7#
7.I.'0.0"#=./&#B.4/F10#K/.6#W'4%CC.&"##
O=/F1.(fO)#K(%70.#.("#OEF1#I%F10.#I%44#I3(0#3G.&#/%(6.C"""r#
qEF1#6.G#/&#R3GG4#].((j)#Z/40%1#9300%`O#M(#4F13G#I%4#6.I/76/F1#
G./4./0.# %64# 3G# ?/(# G./I.# ?Y440.&)# I%44# C./&.# ;I(.44.# /&#
R3GG4#].((j#&'(#./&.#G.t'.C.#53(40.66'&7#?%()#I/.#/F1#G./G.L
1/.60#L#I%44#/F1#CJ76/F1.(?./4.# 437%(#0%04QF16/F1#&%F1#I.(#;(L
G./0# 1/&7.1.)# C/F1# %G.(# &%0Y(6/F1# /&# I.&# H.(./F1# h.&4./04# I.(#
**8"# W'(YF:W/.1.# 43G%6I# I/.# =3&&.# '&0.(7.10"# OEF1# C./&)# /F1#
:J&&0#/1&.&#v&#B.?.1(#G.43(7.&)#Z/40%1#9300%)#:6%(O)#4%70.#/F1#
O%G.(# 4v?Y(I# &/F1# G.44.(# 4./&)# %64# ?.&&v4.4# 4.6G4# 0'&"""# ./&.#
pb.(#3I.(#</.66./F10#./&#p,.("""O#EF1#W?/&:.(0.#/1C#W'"##
Og&I#v&#B.?.1()#I%44# =.#'&0.(C#T%I.&0/4F1#/&&.(#H%(#:%'L
K.&)#I%#:J&&#=.#&/F1#4/F1.(#4./&)#I%44#.4#&/F1#&%F1#1/&&.ɺ#
7.1.�'0)#?.&&#=.#v&#;GW'7#W/.1&"r#
qEF1#CJF10.#&/F104#I.(76./F1.&)#%'K#:./&.&#]%66O)#4%70.#93(L
0.(# CY((/4F1"# OEF1# ?/66# .0?%4# C/0# ./&.(# T%4.(W./6./&(/F10'&7"#
g&I# .eX63I/.(.&I.# ['7.6&"# 2%40# I'# h.C%64# OR.(# =F1%:%6O# 7.L
4.1.&)#V/II6.jfr#
q$.44/()#'&I#v4#?%(#:6%44.`r#
q;64# .(# %'K# I/.# P%44.(C.63&.# 4F1344"""# X634F1`O# 93(0.(#
4F1?.&:0.# 4./&.# ;(C.)# 'C# W'# <.(I.'06/F1.&)# ?/.# I/.# Z.63&.#
.eX63I/.(0#?%(#%64#I.(# ;'K0(%74:/66.(#/&#OR.(#=F1%:%6O#./&.#.eL
X63I/.(.&I.#['7.6#I%(%'K#7.G%66.(0#1%00.)#'&I#./&.#4./&.(#2Q&L
I.#40(./K0.#I.&#MK.')#I.&#[.&03&#<3&#I.(#Cj40.(/J4.&#V3G.(0%#
=36(%F#7.4F1/F:0#G.:3CC.%00."##
EF1# 1%00.# %66.4)# &'(# &/F10# I/.# 9K6%&W.# <.(7.44.&)# /CC.(1/&#
?%(.&# ?.&/7.(# %64# W?./# P3F1.&# <.(7%&7.&)# 4./0# /F1# 4/.# 3G.&#
1/&7.40.660# 1%00."# EF1# <.(4'F10.# .(&.'0# 93(0.(# W'# YG.(W.'7.&)#
I%44#.(#?%1(4F1./&6/F1#?./0#<3&#I.(#=X/0W.#%'K#2.F:46.(4#CJ7L
6/F1.(#;G4F1'446/40.#.&0K.(&0#?%("#g&I#I%44#I.(#Z%&&#/CC.(1/&#
4F13&# Ab# ?%("# OR'# ?./N0# &/F104# <3&# I.&# R/&7.&)# I/.# .(# /C#
-?./0.&# P.60:(/.7# 7.0%&# 1%0O)# 4%70.# 93(0.()# 4./&.# ;'7.&# G.L
7%&&.&# ?/.I.(# 7.1.0W0# 1/&# '&I# 1.(# W'# 1'4F1.&"# OP.&&# I/.4.#
[.(6.)# I/.# I.&# =F1%:%6# %&1.'.(0.&# 40%00I.44.&# 2.F:46.(# 7.L
&3CC.&# 1Q00.&)# 1Q00.# R.B%'66.# &/.C%64# 43# t'%6<366# 40.(G.&#
CY44.&"O# M(# ?%&I0.# 4/F1# 'C# '&I# /F1# ?%(# K(31)# /1&# 7.1.&# W'#
4.1.&"# R.(# -/7%((.&7.('F1# C%F10.# C/F1# %66CQ16/F1# .0?%4#
%$!
:(%&:"# EF1# &%1C# -.&/01# I.&# 7.?J1&6/F1.&# MK.'# 1.('&0.(# '&I#
4F1%'0.# /1&# %&# \.4# /40# 6QF1.(6/F1# ./&.C# MK.'# ./&# CQ&&6/F1.4#
9(3&3C.&#W'#<.(X%44.&)#'&I#I3F1#0%0#/F1#.4#%'03C%0/4F1#L#/F1)#
I.(# 7.?J1&6/F1# C/0# I.(# :6./&6/F1.&# =3(7K%60# 4F1(./G0)# I/.# ./&.#
K(%&WJ4/4F1.# 7'0GY(7.(6/F1.&# 2%'4K(%'# G./C# ;'44'F1.&# <3&#
iG40#%'K#I.C#Z%(:0#%&#I.&#U%7#6.70_"#EF1#G.7%&&#I/.4.&#M/&L
0(%7# I%C/0)# I%44# /F1# K.4040.660.)# ?.6F1# ./&.&# g&0.(4F1/.I# ./&#
U%7# %'4C%F10"# EC# ]%66# <3&# -.&/01)# I.C# B.?J1&6/F1.&# MK.')#
C'44#.4#1./N.&#L#?%4#KY(#./&.&#g&0.(4F1/.I#KY&K#U%7.#%'47.L
C%F10#1%G.&"##
R.(#4F16%XX.#=0%CC#1%0#4/F1#%'K7.(/F10.0#'&I#<.(I/F:0)#I/.#
</.(#7.6G7.(%&I.0.&#H6Q00.(#4/&I#<J66/7#7(Y.?3(I.&#'&I#W?./#
&.'.# 4X(/.N.&"# ;66.4# 31&.# h.76/F1.# 2/6K.# C./&.(4./04"# EF1# 7344#
/1&)#W37#I%4#6QF1.(6/F1.#96%40.4F1/6I#(%'4#'&I#?%(K#.4#?.7#'&I#
G.C.(:0.# W?./# ?./0.(.# R/&7.# %&# C./&.C# 7'0.&# %60.&# ['CX.6#
-.&/01# L# .(40.&4)# .(# 1%0# 4./&.# .(40.# V%&:.# %'47.40(.F:0# L# 4/.#
(./F10#:%'C#G/4#W'C#V%&I#I.4#G/66/7.`%40.03XK.4)#%G.(#4/.#/40#
I%"#g&I#W?./0.&4)#I.(#4'CXK/7.)#'&%&7.&.1C.#B.(./F1#4F1./&0#
4/F1#<.(K6YF10/70#W'#1%G.&"#]%:0#/40)#G./I.)#I/.#9K6%&W.#'&I#I/.#
M(I.#/&#I.(# 4/.#40.F:0)# (/.F1.&#(.7.6(.F10#4YN"#5/.66./F10#/40#.4#
./&# YG.(4/&&6/F1.(# MK.'"# =3660.# 4/F1# B.&.(%6# 2.F:46.(# 1/.(# /C#
7'0.&# %60.&# 9%(:# !+8# G6/F:.&# 6%44.&)# C'44# /F1# /1&# '&G.I/&70#
K(%7.&)# 1.# 1."# 2%G.# b8# =./0.&# I.4# V3C%&4# /&# I/.4.(# P3F1.#
7.4F1%KK0)# &/F10# </.6)# %G.(# /F1# 76%'G.# \/F1# 13KK.`_# /F1# 1%G.# I/.#
2Q6K0.#I.4#P.7.4#W'(YF:7.6.70"#B.6G)#I.(#7.40.(&#./&#G.4F1./L
I.&.4# o'.&0F1.&# B6YF:# 1%00.)# <.(4'F10.# .4# 1.'0.# 1.(%'4W'L
K3(I.(&#L#I%4#?%(# ./&.#=0'&I.#G.<3(#93(0.(# (./&:%C#'C#&%F1#
P%KK.&#W'#4'F1.&"#B.6G#4F1'6I.0#C/(#h.0W0#,*)d8#R366%("##
!
%%!
,"#ZQ(W#*+,*#
#
T/.G.#V'01)#
#
&.'.(I/&74# G/40# I'# 4F1?.(.(# %C# U.6.K3&# W'# .((./F1.&)# %64# I.(#
%C.(/:%&/4F1.#9(Q4/I.&0"#EF1#4F1?J(.#W'#B300)#/F1#G.7/&&.#I./L
&.&# ;&('KG.%&0?3(0.(# W'# 1%44.&"# EF1# C'44# I%4# 1.'0.# %G.&I#
W'7.G.&#L#I/.#I(/00.#>%F10#C/0#O2/)#1/.(#/40#V'01#'&I#/F1#:%&&#
7.(%I.#&/F10#%&4#U.6.K3&#:3CC.&)#%G.("""O#L#/F1#?'(I.#%66CQ1L
6/F1#&.(<J4#'&I#1%G.#I/.#%&I.(.#>'CC.(#I/.#I'#C/(#7.7.G.&#
1%40)# 7.?Q160)# I/.# KY(# I.&# >30K%66"# P.&&# .(# C/(# &/F10# 7.4%70#
1Q00.)#I%44#.(#I/F1#7.7.&#KY&K#%'4#I.C#2%'4#1%0#7.1..1.&#
C/0#./&.(#7(3N.&#T%I'&7#HYF1.(#'&0.(#I./&.C#;(C)#/F1#76%'G.#
/F1# 1Q00.# /1&# 7.G.0.&# W'# YG.(X(YK.&)# 3G# C/0# I/(# %66.4# /&# i(IL
&'&7#/40"##
EF1#?./N)#/F1#?./N)#.4#/40#I/.#-./0<.(4F1/.G'&7)#%G.(#.4#4/&I#
/&# 6.0W0.(# -./0# 43# </.6# %G&3(C.# =%F1.&# X%44/.(0)# I%44# I'# .4#
&/F10# 76%'G.&# ?Y(I.40"# 9%(%&3/If# Zj40.(/J4# /40# </.66./F10# ./&#
G.44.(.4# P3(0"# 5/.66./F10# 4X(.F1.&# ?/(# C/0./&%&I.(# G.<3(# I'#
I/.4.&#H(/.K#.(1Q6040)#I%4#C%F10#+8#9(3W.&0#YG.(K6Y44/7#\.4#4./#
I.&&#/F1#4F1/F:.#.4#X.(#H'&I.4X340)#?%4#I/.#7(3N.#M&0K.(&'&7#
?/.#./&.&#=X%W/.(7%&7#%'44.1.%44.&#?Y(I._)#%G.(#?.&&#/F1#
I/(# &/F10# ./&# X%%(# ?/F10/7.# =%F1.&# .(WQ16.&# :%&&)# C'44# /F1#
?%1(4F1./&6/F1# .eX63I/.(.&"# EF1# .(K'1(# <3&# 2.(G# 93(0.()# I.(#
./&.C#=F16%7%&K%66#&%1.#/40#\./&#-'40%&I)#I.&#/F1#C.1(#&%F1L
<366W/.1.&#:%&&)#%64#/F1#.4#h.#KY(#CJ76/F1#7.1%60.Q00.)#./&.#
]367.#I.(#R.0?./66.(L;KK%/(._)#I%44#B.&.(%6#2.F:46.(#%'47.G(3L
F1.&#/40#'&I#I/.#Z3(I.)#I/.#I%G./#7.4F1.1./&I)#I/.#&%0/3&%L
6.&#>%F1(/F10.&#I.(#<.(7%&7.&.&#W?./#P3F1.&#G.1.((4F10#1%L
G.&)# %G.(# /F1# <.(C'0.)# I%44# I'# .4# &/F10# 7.6.4.&# 1%40# L# 3I.(#
:./&.&# H.W'7# 1.(7.40.660# L# 3I.(# /F1# 1Q00.# <3&# I/(# 4/F1.(# </%#
U.6.K3.1J(0#\?./04F1?./K/7#?/.#/CC.()#?/.#I'#4/.140#:J&&0.#
/F1#43#X(Q7&%&0#4./&#?/.#-.&/014#0(.'.(#;'K4.1.(#V/II6.j_"##
=3660.40# I'# &/F104# 7.1J(0# 1%G.&)# I.(# G./6/.7.&I.# ;'44F1&/00#
%'4#I.(#9340#\EF1#1%G.#&/F10#I/.#]3034#<3C#2./C#C/0#I.G6/L
7%03(/4F1.	'&:06/&/.&#G./7.6.70)#I/.#I.&#]6'F10?.7#I.4#B.&.L
(%64#W./7.&#'&I#%'F1#&/F10#I/.#C/0#I.&#Z%(:/.('&7.&#I.(#=0.6L
6.&)# ?3# I/.# iXK.(# 7.K'&I.&# ?'(I.&_# ?/(I# I/F1# 43# 4F1&.66# '&I#
./&I('F:4<366# ?/.# CJ76/F1# %'K# I.&# &.'.40.&# =0%&I# G(/&7.&"#
5/.66./F10# .(/&&.(40# I'# I/F1# I%44# /F1# 2.F:46.(# .(40# <3(# 4.F14#
%&!
P3F1.&#I/(#7.7.&YG.(#.(?Q1&0.#L#?/.#%'F1#/CC.("#2.(G#6.1&L
0.# 4./&# H'F1# %G)# b8# YG.(4/&&6/F1.# B%(0.&G6'C.&)# '&I# X(3<3L
W/.(0.# I%C/0# ./&.# ]6'0# 2%44X340"# =X%N# G./4./0.)# 4./&# G6'0/7.(#
;'4G('F1#1%0#?/(:6/F1#./&.#G.I(YF:.&I.#;0C34X1Q(.#G./#-"#2"#
7.4F1%KK.&"#EF1#?%(#C/0#V37.(#P%I.#1.'0.#&%F1#I.(#;(G./0#/&#
]3'(# ]%01.(4# ./&.&# 0(/&:.&# \V37.(# G.1%((0# I%(%'K)# I%44# I.(#
H.4/0W.()# ./&# 7.&/%6.(# Z%&&# &%C.&4# B/&.66/# C/0# ./&.(# ?./F1.&#
=0/CC.# '&I# I/.4.C# ?/I.(6/F1.&# 1QC/4F1.&# H6/F:)# ./&# Z%K/343#
/40_# '&I# .(WQ160.# /1C# <3&# 2.(G4# H.4'F1# G./# C/(# %C# >%F1C/0L
0%7"##
EF1# ?/.4# 2.(G# I%(%'K1/&)# I%44# .4# 6QF1.(6/F1# 4./)# 4/F1# I.(%(0#
W'# KY(F10.&)# ?/.# .(# .4# 3KK.&4/F106/F1# 0'0# \M4# /40# 4F13&# ?/0W/7# L#
'&0.(# 4./&.C# 40Q16.(&.&# $3.# 9j&.# S'N.(.&)# :3CC0# I.(# G.L
1.((4F1.&I.#>.%&I.(0%6.(#&%F1#%66#I.C#1.(%'4#'C#P%60.(#Z/0L
0j#W'#4./&_#'&I#2.(G#40/CC0.#W'"#R%&&)#&%F1#./&.C#7.?/44.&#
H./0(%7# <3&# 3KK.&:'&I/7# :Y&406/F1.C# =C%66# U%6:)# K(%70.# .(#
C/F1)#3G#/F1#?Y440.)#?3#.(#./&#B.?.1(#1.(G.:3CC.&#:J&&0."#
5.(?/((0# L# C%&F1C%6# /40# I./&# 7.0(.'.(# [3((.4X3&I.&0# 7.6/&I.#
<.(G6YKK0)# ?.&&# .(# I/.# 3KK.&4/F106/F1.&# =F16'44K367.('&7.&#
W/.10)# C./&.# T/.G.# L# .CXK%16# /F1# I.&# =X3(06%I.&# KY&K# H63F:4#
<3/.()#/C#9%(:#%&#I.(#pb"#O>./&)O#4%70.#.(#'&7.I'6I/7"#OEF1#
CJF10.# :./&# 436F1.4# B.?.1("O# 2/.(# 4.&:0.# .(# 4./&.# =0/CC."#
OEF1#CJF10.#.0?%4)#I%4#/F1#G./#C/(#0(%7.&#:%&&"O#V37.(#&/F:0.#
'&I#4%70.)#2.(G#?%(#7.7.&#W?./#('C#/./&.C#HY(3)#/1C#?.L
7.&#I.(#4.6G.&#=%F1.#%'K#I.&#-%1&#KY16.&I"#OP%4#1%40#I'#/1C#
7.4%70fO)#K(%70.#/F1#/1&"##
EF1#.(/&&.(0.#/1&#I%(%&#I%44#I/.#=0(%K.&#KY(#I%4#U(%7.&#<.(L
40.F:0.(# P%KK.&# 31&.# M(6%'G&/4# /&# I/L/.4.C# =0%%0# <.(I%CC0#
1%(0#4/&IO)#4%70.#V37.("#O;&#I/.4.(#=0.66.#(/F10.0.#4/F1#2.(G#W'#
4./&.(#<366.&#B(JN.#%'K#\?.6F1.#'&7.KQ1(#KY&K)#4/.G.&#/40_#'&I#
4%70.D# OM/&# Z%&&# G(%'F10# :./&.# B.&.1C/7'&7# 'C# 4/F1# 4.6G40#
W'#4F1Y0W.&)#V37.("r#
qg&I#I%&&fr#
qR%&/&7#.(#(%'4)#g&I#<.(4'F10.#.4#G./#I/("#ZJ76/F1.(?./4.#
<.(4'F10.#.(#.4#%'F1#G./#H/66#B.6G"r#
q5.(7/44#&/F10#V/II6.jO)#4%70.#/F1"#O;F1#h%)#'&I#V/II6.j"r#
qR.(#%C#.1.40.&#/&#I.(#T%7.#/40)#/1C#W'#1.6K.&"O#V37.(#G.L
40.660.#4/F1#./&.&#?./0.(.&#H3'(G3&#'&I#/F1#I%F10.#'C#?/.</.6#
hY&7.(#%64#4./&.#0%04QF16/F1.&#!d#$%1(.#/1&#I/.4.4#h'&7.&1%K0.)#
7.?/&&.&I.#B(/&4.&#C%F10)#I%44#I/(#43#7.K%66.%0#%64#I'#/1&#
!
%'!
I%4# .(40.# Z%6# %'K# I/.4.(# a3F:0%/6L9%(0j# 7.0(3KK.&# 1%40# /C# $'&/#
,8)#I/.#/&#B%1%&#'&I#>%&Fj#P/643&4#P31&'&7#/&#a3&&.F0/F'0)#
.(/&&.(40# I'# I/F1f# O2%40# I'# =%&I(%# $%F:43&# &.'.4# =X/.6W.'7#
7.4.1.&fO)#K(%70.#.("#O=/.#/40#I/.)#I/.#KY(#2.(G#=F1?%(WC%(:0L
C'&/0/3ˆ.ꪌ."O#V37.(#6%F10.#0%04QF16/F1#6%'0#1.(%'4)#./&#
[6%&7# I.&# /F1#/&# I.&# 6.0W0.&# %F10# Z3&%0.&# %G436'0# 4.60.&# <3&#
/1C# 7.1J(0# 1%00."# ;64# /F1# 1J(0.# ?'(I.# C/(# ?/.I.(# :6%()# V'01)#
?/.# 4.1(# /F1#/1&# C%7#'&I# (.4X.:0/.(.# L# .(# :J&&0.# ./&# ?/(:6/F1#
7(3N.(# T.:03(# /(7.&I?3# 4./&# L# </.66./F10# 437%(# /&# I.(# Z%e?.66#
9.(:/&4# T/7%"# M4# /40# ./&.# =F1%&I.)# I%44# .(# %64# 9/630# ./&.(# 436L
F1.&#[6%XX.(:/40.#?/.#-.&/01#23'4.#.&I.0"##
O=/.# 1%0# .0?%4)# I%4# 4/.# /1(.&# ](.'&I# KY(# <.((.7&.0.# >QF10.#
&.&&0)O# 4%70.# .(# /CC.(# &3F1# 6%F1.&I"# OM4# /40# <.(4/6G.(0)# '&I#
K%40#43#7(3N#?/.#./&#B(%&%0?.(K.("#=/.#1%0#/1(..0W0.	.&&j#
/&#I%4#=F1./NI/&7#7.40.F:0"#;&#I.C#1/&0.(.&#M&I.#/40#./&.#U%L
4F1.&6%CX.#%&7.G(%F10"#R%4#<3(I.(.#M&I.#.(W.'70#%'K#[&3XKL
I('F:# ./&.# P36:.# U(Q&.&7%4# L# &'(# I%4# =%&I(%# 4%70)# 4/.# 1%G.#
W.1&# ZQ'4.# .e0(%# G.W%160)# '&I# I%4# U(Q&.&7%4# I'(F1# 2/L9(3L
B%4#.(4.0W0"#$31&&j)#/&#I.(#Z/00.#I/.4.4#B.(Q0.4#/40#./&.#[3(I.6#
I/.# ./&.# 4.1(# 131.# =/(.&.# %'46J40"# EF1# G%0# &/F10# 'C# ./&.# R.L
C3&40(%0/3&"#Z%Q00.#I%4#B.GQ'I.#.<%:'/.(0"##
O=3# ?/.# I'# .4# G.4F1(./G40)# :6/&70# .4)# %64# :J&&0.# 4/.# .4# %64#
R/6I3# G.&'0W.&)# ?.&&# 7.(%I.# :./&.# =0(%N.&(Q'G.(# '&0.(?.74#
4/&IO)#4%70.#/F1"#M(#<.(4%&:#/&#./%6G1j40.(/4F1.4#B.6QF10.("#
EF1#K(.'0.#C/F1#L#.4#?Q(.#'&CJ76/F1#7.?.4.&#.4#&/F10#W'#0'&#L#
%G.(#/F1#?%(#7.&%'437'0#/((/0/.(0"#M(#/40#4.1(#7.40(.440#'&I#%C#
V%&I.#4./&.(#B.I'6I)#/F1#76%'G.)#I/.#40Q&I/7.#&%7.&I.#g&0.(L
40Y0W'&7# I.4# Z'00.('&0.(&.1C.&4# KY(# I%4# 2%'4# K(/440# %&# 4./L
&.&#>.(<.&"#EF1#K(%70.#/1G#.0?%4#?/.#I.(#](.'&I#KY(#0(YG.#
>QF10.#6.7%6#?%("#OEF1#G/&#:./&#;&?%60)#I%44#/F1#I/(#I%4#4/F1.(#
4%7.&# :J&&0.O)# C./&0.# V37.("# OZ./&# M/&I('F:# /40)# I%44# ./&.#
](%')#I/.#U(Q&.&7%4#7.7.&#./&.0.&0/.66.&#R/.G#3I.(# ./&.&#
VQ'G.(# ./&4.0W0# 4/F1# /&# ./&.(# B(%'W3&.# G.?.70"# ;G.(# =%&I(%4#
=X/.6W.'7)# C/0# 2/L9(3LB%4# 7.6%I.&"""&./&)# /F1# 76%'G.# &/F10)#
I%44#43#.0?%4#:34F1.(#4./&#:%&&"##
;G.(# 4/.# 1%0# .4# '&I# 4/.# 0(Q70# .4# G./# 4/F1O)# 4%70.# /F1"# O>/F10#
&'(#I%4)#4/.#C%F10#4/F1#%'F1#:./&.#B.I%&:.&#I(YG.(O)#40/CC0.#
V37.(# W'"# OP/0W/7)# 4/.# ?%(# ./&.# <3&# I.&.&# I/.# 030%6# .&04.0W0#
?%(.&)#%64#I.(#B.&.(%6#4./&.#7/K0/7.&#H(/.K.#4F1/F:0.)#'&I#2.(G#
1%0# 7%(# &/F10# .(&40# 7.&3CC.&)# ?%4# 4/F1# I%# W'4%CC.&G(%'L
%(!
0."""G/4#W'6.0W0#I.(#H'4K%1(.(#&/.I.(7.403F1.&#?'(I."#EF1#I.&L
:.)# ?%4# =%&I(%# I.(%(0/7# .(4F1(.F:0# 1%0# <3(1.()# ?%()# I%44# 4/.#
/1&#&/.#7.4.1.%00."r#
q$%O)#4%70.#/F1"#OR%4#1%0#4/.#C/(#437%(#C%6#.(WQ160"O##
M(#G.W%160.#I/.#V.F1&'&7)#'&I#?/.4#C./&#;&7.G30#%G)#C./&.#
2Q6K0.#W'#W%16.&"#OM4#/40#I/.#V%F1.#I.(#H6'C.&6.'0.O)#4%70.#.("#
OM(40.#R.0?./66.()#I.(#<.((YF:0.#BQ(0&.(#%'4#a.&0(%6#]%664)#I%&&#
2.F:46.()#I.(#<.((YF:0.#BQ(0&.(#%'4#i%:#a3<."O#R%4#7%G#C/(#L#
?/.#G(/0/4F1.#Zj40.(j%'03(.&#.4#3K0#&.&&.&#L#./&.&#K/.4.&#;&L
403N"# nG.(# I%4# >/F10LM(:.&&.&# <3&# 3KK.&4/F106/F1.&# -'4%CL
C.&1Q&7.&#(.I.&`#V37.()#I.(#?./0#I%<3&#.&0K.(&0#/40)#I.(#EI/30#
<3&# /(7.&Ih.C%&I.C# W'# 4./&)# 4%1# C./&.&# B.4/F104%'4I('F:#
'&I#6QF1.60."##
OR.&:40#I'#&/F10#I%(%&)#3I.(#I3F1#fO#K(%70.#.("#OM4#/40#7.(%L
I.#./&#W'KQ66/7.4#-'4%CC.&0(.KK.&)#4/F1.()#%G.(#/F1#4F1Q0W.#.4#
?%(# 7.&'7# 'C# ./&# :6./&.4# X%(%&3/I.4# TQ'0.&# /&# 2.(G# 93(0.(v4#
B.1/(&#%'4W'6J4.&#L#EF1#:%&&#C/(#&/F10#<3(40.66.&)#I%44#.(#%&L
I.(?./0/7#43#X%(%&3/I#?.(I.&#:%&&"#P/(#:J&&0.&#I/.#H%4/4#KY(#
./&.&# 7'0.&# V3G.(0# T'I6'C# V3C%&# 1/.(# 1%G.&"# R%4# B%(0.&#
M0?%4# L# 3I.(# L# ;&I.(.4"# [3CC# 4F13&)# 6%44# '&4# <3&# 1/.(# <.(L
4F1?/&I.&"r#
q-'4%CC.&6%'K.&O# 4%70.# /F1# %64# ?/(# I/.# =0(%N.# .((./F1L
0.&"O2'1#fO#V37.(#4%1#%'4#?/.#h.C%&I#I.(#<3&#./&.C#Z/66/3&.&#
Z./6.&# P.7# W'(YF::3CC0"# OR%4# B%(0.&# -'4%CC.&6%'K.&)O#
4%70.#/F1"#OR.(#X.(K.:0.#T'I6'C#U/0.6"#=37%(#I/.#X.(K.:0.#T'IL
6'C# 2%&I6'&7"# M4# 40.660.# 4/F1# 1.(%'4)# 4F1%')# I%44# R.0?./66.(#
'&I#2.F:46.(#437%(#H(YI.(#4/&I#L#:./&#nG.(6.7.&#I.(#;60.()#/F1#
4F1Q0W.# 5%0.(# '&I# =31&# ?Q(.# 437%(# G.44.(# L# /&# I.(# H.W./F1L
&'&7#<3&#I.(#>[5R"#g&I#Lr#
qEF1#C'44#C./&.&#H'4#.((./F1.&)#$31&)O#4%70.#.()#&/F10#'&L
K(.'&I6/F1"# E&# i(I&'&7)# /F1# 1%G.# C./&.# 9(3G6.C.)# 0.'(.# V'01#
\?.(# ?./N# I%4# G.44.(# %64# I'# f_)# %G.(# G.7(./K.&)# ?%&&# /F1# ./&#
6Q40/7.(#[.(6#G/&)#?%(#&/.#./&.4#<3&#I/.4.	(3G6.C..?.4.&#
\%'N.(# ?.&&# /F1# G.0('&:.&# G/&_"# EF1# 4%1# /1&# %G?Q(04# <3&# I.(#
H'41%60.40.66.# '&I# 7/&7# &%F1# 2%'4."R/.# 6.0W0.# =%F1.)# I/.# .(#
4%70.)# ?%()# I%44# I%4# &QF140.# ?%4# ?/(# <3&# B.&.(%6# 2.F:46.(#
1J(0.&)# ?%1(4F1./&6/F1# ./&# H.(/F10# YG.(# 4./&.# B.K%&7.&&%1L
C."""# 3I.(# 4./&.4# =.6G40C3(I4# 4./&# ?Y(I."# g&I# 2.(G# 93(0.(#
?Y(I.# 7.&%'43# .&00Q'4F10# ?/.# .(6./F10.(0# 4./&"OM4# /40# &/F10#
B.&.(%6#2.F:46.()#2.(G#'&I#I.(#V.40#<3&#'&4#CY44.&#'&4#I%(L
!
%)!
YG.(# =3(7.&# C%F1.&)O# 4%70.# .(# L# 4./&# ?/&W/7.(# ;'4G('F1# <3&#
7'0.C# 2'C3(# 1%00.# /1&# <.(6%44.&# '&I# .(# ?/(:0.# G.40Y(W0# '&I#
:6./&#C/0#4./&.Q&I.&)#1/&./&7.X(.440#/&#I.&#U%4F1../&.4#
U(.&F1F3%04)#%64#.(#I3(0#G./#I.(#H'41%60.40.66.#40%&I"#OM4# 4/&I#
2%(63?# M&I.(4# '&I# I.(# V.40# <3&# I.&# =0.'.(G.(%0.(&)# I/.# 4/F1#
%'K# I.&# P.7# C%F1.&# '&4# W'# G.:3CC.&"# =/.# ?366.&# '&4# C/0#
E1(.&# (30.&# H6./40/K0.&# ./&.&# =0/F1# <.(4.0W.&"# P.&&# /F1# YG.(#
M&I.(4#&%F1I.&:.)#?Y&4F1.#/F1#C/(#G./&%1.#/F1#1Q00.#=%&I(%#
$%F:43&v4# ](.'&I# KY(# <.((.7&.0.# >QF10."O# [./&# ]3(04F1(/00# %&#
C./&.C#V3C%&#I/.4.#P3F1.#L#W'(YF:G6/F:.&I#YG.(#I/.4.Q&L
7.(.&#H(/.K)#4.1.#/F1#?%('C#L#%66#I/.4.(#H.(/F10)#?.6F1.(#1.'0.#
>%F10#/&#I.&#Z%/C3&%0#7.7%&7../ꪌ.)#6%&I.0#40%00#I.4L
4.&# 1/.("# ;G.()# K%664# /F1# W'# ?./0# '&I# /&# W'# </.6.#
(3C%&4F1(/K040.66.(/4F1.#M/&W.61./0./&7)#:(./I.#.4#&/F10#%66.4#
%64# P./04F1?./K/7:./0# %G)# C./&.# T/.G.# L# I/.# 6.0W0.&# 4.F14#
Z3&%0.#1/&I'(F1#G/&#/F1#./&#%'K(/F10/7#./&4%C.(#[.(6#7.?3(I.&"#
-'#I/(#W'#4F1(./G.&#/40#&/F10#43#7'0)#%64#C/0#I/(#W'#(.I.&)#'&I#
C/0#I/(#W'#4X(.F1.&#/40#&/F10#43#7'0)#%64#I/F1#W'#4.1.&#'&I#I/F1#
W'#4.1.&#/40#&/F10#43#7'0)#%64#I/F1#W'#G.(Y1(.&#'&I#C/0#I/(#W'#
4./&# \R%CXK# L# R%CXK`# :.'F1.&# L# :.'F1.&`_)# %G.(# ./&# Z.&4F1#
1%0# W'# C%F1.&)# ?%4# .(# W'# C%F1.&# 1%0"# EF1# ?./N# I'# G/40#
G.4F1QK0/70)#40'I/.(40#1%(0)#%G.(#436%&7.#31&.#C/0#I/(#W'#(.I.&#
1%0#C/F1#%'K#./&.#;(0#?%1&4/&&/7#7.C%F10#\'&I#%&#I.(#=X/0W.#
<3&# R.0?./66.(# '&I# 2.F:46.()# <.((YF:0.(# %64# /F1# W'# 4./&#
G.&J0/7."#
EF1#6/.G.#I/F1#C./&#=F1%0W"#
5.(C/44.#I/F1)#G(%'F1.#I/F1)#
#
$31&#
&+!
+"#ZQ(W#*+,*#
#
2.((#2.(G.(0#93(0.(#
H.40/CC0.(#$'I.#
-.&/01#2%'4#
!+8#9%(:#;<.&'.>.?#
@3(:)#>@#*88*A#
#
=.1(#7..1(0.(#$'I.)#
#
I.&:.&#=/.#/F1#1Q00.#=/.#<.(7.44.&#f#EF1#?.00.#=/.#1%G.&"#B'0)#
/F1#1%G.#&/F10"#M/&#Z%&&#<.(7/440#&/F10#I.&#R/.G)#?.6F1.(#4./&#
H'F1)# &%F1# I.C# =0.16.&# %66# I.(# 7'0.&# U./6.)# %'44F16'7"# g&I#
?/.# <.(4'F10.&# =/.# C/F1# /&# 5.(('K# W'# G(/&7.&"# EF1# ?'&I.(.#
C/F1)#?/.#=/.#C/0#/1(.C#9.&/4#/&#/1(#i1(#4F1%'.&#?366.&"#2%#L#
1%"# \;G.(# :./&# P/0W_EF1# :3CC.# <3(# E1&.&)# O7(3N.(# $'&L
7."OZ%h3(# B.&.(%6# ;&013&j# V"# 2.F:46.(# \V.0"_9"="# V34.&# 4/&I#
(30"5./6F1./&I#G6%'"EF1#G/.:3CC.&#'C#W'#:%40(/.(.&"#
M/&#G.40/CC0.(#$'I."#
Z"B";"V"2"#\V.0"_#
#
#
9i=UBV;ZZ#5i>#2MVV>#$i2>#[M>Ui>#-g#VgU2#U;>;[;#
]V;g#VgU2#U;>;[;#
*8!**#aVM=aM>U#HigTM5;VR#
Ti=#;>BMTM=)#a;#+88b!*8#
*+"#ZSV-#
TEMHM#VgU2#
R;=# E=U# P;2V=a2ME>TEa2# =;gHTxR)# ;HMV# 9;V;>iE;#
HTMEHU# 9;V;>iE;# g>R# Ea2# [;>># M=# >Ea2U# S>RMV>"#
M>RBnTUEB# HM[iZZM# Ea2# $MU-U# R;=# g>BM=a2VEMHM># L#
TMMVMV# ;>Vg]HM;>UPiVUMV# REM=M># ZiVBM>)# -g# RME>MV#
-EZZMVBM>i==E>)# PMTa2M# =;BUM)# =EM# 2;HM# REa2# REM#
TMU-UM># -PME# U;BM# >Ea2U# BM=M2M>"# =EM# [T;>B#
ZMV[PnVREB"#Ea2#2i]]M#>gV#=Ui>MR"#Vg]#ZEa2#H;TR#;>#
iRMV# Ea2# PMVRM# REM=M# Pia2M>M>RM# ;># RME>MV# UnV#
[Ti9]M>"#
TEMHM#REa2"#
$i2>#
!
&*!
*8"#ZQ(W#*+,*#
#
T/.G.(#$31&)#
#
/F1#40.66.#C/(#<3(#L#&./&#L#/F1#?./N#L#I'#C'440#&.'7/.(/7#4./&)#
?%('C# I'# <3&# C/(# I/.# 6.0W0.&# I(./# P3F1.&# &/F10# </.6# 7.1J(0#
1%40"#R.(#B('&I#/40#./&K%F1#7.&'7^#EF1#1%G.#C/F1#4F1'6I/7#7.L
KY160"#g&I#I.(#B('&I#?%('C#/F1#h.0W0#%C#=F1(./G.&#G/&#%&40%00#
W'#0.6.K3&/.(.&)#/40)#I%44#/F1#./&#]./76/&7#G/&"#EF1#I.&:.#%'F1)#
3G?316# I'# C/(# </.66./F10# &/F10# 76%'G40)# ?.&&# I'# I.&# V.40# <3&#
I.C# 1/.(# 6/.40)# ?.6F1.(# I.(# 1Q(0.40.# H(/.K# /40)# I.&# /F1# h.# 7.L
4F1(/.G.&# 1%G.)# /F1# 6/.G.# I/F1# h.I3F1# 4.1(# '&I# CJF10.# I/F1#
&/F10#43#</.6#<.(6.0W0.&"#U(30WI.C#<.(C'0.#/F1)#I%4#?/(I#<.(6.0L
W.&I"# g&I# ?/44.&I)# I%44# /F1# &/F10# 1.6K.&# :%&&)# 6Q440# C/F1#
4F1(./.&"$31&)# /F1# 1%G.# ./&.&# Z%&&# &%C.&4# U3Gj# ;&I.(43&#
7.0(3KK.&# '&I# /F1# 1%G.# C/F1# 2%64# YG.(# [3XK# /&# /1&# <.(6/.G0"#
]%664# .4# KY(# I/F1# ./&.# V366.# 4X/.60# L# '&I# ?%1(4F1./&6/F1# &/F10# L#
EF1# 0(%K# /1&# /&# ./&.C# <3&# I.&# W?./# .&76/4F1.&# P/I.(1.(40.6L
6'&74I(%C.&#L#['(4.&#I/.#/F1#&.1C."#EF1#1/.60#/1&)#43#7'0#/F1#
:3&&0.)#KY(#./&.#6%&7.#-./0#%'K#L#Z/(#6/.70#4.1(#</.6#I%(%&#'&I#
13KK.)# I%44# I'# C/(# I%4# 76%'G40# L# %G.(# Z/00.# L# ].G('%(# :3&&0.#
/F1#/1&#&/F10#6Q&7.(#%'K1%60.&"#Z./&.#;(C.# ?.(I.&#CYI."#R/.#
6.0W0.&#I(./#P3F1.I.(#43#4/&I#KY(#C/F1#./&#;6X0(%'C#7.?.L
4.&"#EF1#.(?%(0.#&/F10)#I%44#I'#C/0#C./&.(#T%7.#C/0KY1640)#%G.(#
/F1#13KK.#I'#?/(40#76%'G.&)#I%44#/F1#I/.#P%1(1./0#.(WQ16."#iGL
76./F1# I'# %&# I.(# i40:Y40.# '&I# /F1# p888# Z./6.&# ?.7)# %&# I.(#
P.40:Y40.# G/&)# KY160.# /F1# )# %64# 3G# /F1# 6./4.# 'C# I/F1# 1.('CL
4F16/F1"#g&I#/F1#0%0#.4"#EF1#0%0#.4`#i1)#/F1#C./&.#&/F10#/C#=/&L
&.)# I%44# I'# </.66./F10# ./&.4# >%F104# K(Y1# <3&# I.(# ;(G./0# &%F1#
2%'4.# :3CC40# '&I# C/F1# C/0# U3Gj# .(0%XX40)# %G.(# /F1# KY160.#
C/F1#4F1(.F:6/F1)#%66.4#I%4#B6./F1."#EF1#:3&&0.#&/F10#4F16%K.&)#
:3&&0.# &/F10# .44.&)# :3&&0.# &/F10# C./&.# @37%# 934/0/3&.&# C%L
F1.I.(#I%4#$%&.#]3&I%#U(%/&/&7"#Z./&.#-.&4'(.F16/.K.&)#
%G.(#W'(#2J66.#C/0#I.&#-.&4'(.&#L#C./.(W#4F16/.K"##
EF1# ?%(# %C# ;G0%'F1.&# &%F1# I./&.&# ;&('K.&)# ?./6# /F1# &/F10#
.(0(%7.&#:J&&0.#I./&.#=0/CC.#W'#1J(.&#L#.4#4F1./&0)#%64#G(/&7.#
4/.#%66.4#&%F1#2%'4.)#W'#C/(#L#?/.#?%(#/F1#<.(637.&#'&I#G.0(YL
7.(/4F1# '&I# KY1(.&I# I/F1# %&W'6Y7.&"# M4# :%C# %66.4# W'# ./&.C#
[3XK)#W?./#>QF10.#W'<3()#%64#U3Gj#C/(#I./.G.<366.&#R/%C%&L
0.&<.(63G'&74(/&7# W./70.)# I.&# .(# KY(# C/F1# 7.:%'K0# 1%00."# M(#
&"!
4%70.# .(# ?/66)# I%44# /F1# /1&# 1%G.# '&I# .(# 13KK.)# /F1# ?/66# /1&# %&L
&.1C.&)# %G.(# .(# 4%70.)# .(# :J&&0.# /1&# C/(# &/F10# 7.G.&)# .G.&#
G/4#/F1#C/0#I/(#4X(%F1#3I.(#I/(#4F1(/.G"#M(#/40#./&#I.(%(0#.1(G%L
(.(#Z%&&)#$31&)#'&I#I/.#E(3&/.#I%G./#/40)#I%44#I'#/1&#'&0.(#%&L
I.(.&# gC40Q&I.&)# I%# G/&# /F1# 4/F1.()# /1&# 4.1(# 7.C3F10# 1Q0L
0.40"EF1#G(%F1#W'4%CC.&#'&I#?./&0.#/./&.&#;(C.&#'&I#G.L
<3(#4./&.#U(Q&.%&7#?%(.&)#<.(C/4F10./.#4/F1#C/0#C./&.&"#
R%4# M(7.G&/4# <3C# 7%&W.&# ?%()# C/(# W'# 4%7.&)# I%44# /F1# G.(./0#
?%(#KY(#/1&)#I/.4.&#?'&I.(G%(.&#T/.G.4(/&7#%&#C./&.C#]/&7.(#
%C#M&I.#I.(#P3F1.#YG.(W'40(./K.&"#EF1#I.&:.)#?/(#4/&I#/C#$'&/#
<.(1./(%0.0"R'# 4/.140)# I%44# /F1# %C# M&I.# I.&# ]./76/&74%'4?.7#
&%1C)#4F1(./G.&#%&40%00#W'#0.6.K3&/.(.&#'&I#.4#&%1C#C/F1#I/.#
6.0W0.&#W?./#U%7.#./&)#I%44#</.6.#1.('&0.(#W'#G(/&7.&#L#EF1#1%L
G.# h.I.# [6%44.# %G7.4F1&/00.&# '&I# 1%G.# X(%:0/4F1# P'(W.6&# /&#
I.(# HYF1.(:%(0./# 7.4.0W0)# ?3# /F1# KY(# ./&.# gC?%&I6'&747(%CL
C%0/:<3(G.(./0'&7# 40'I/.(.&# 43660."# ;G.(# W'(# 2J66.# C/0# >3%C#
a13C4:j# '&I# 0/.K.(# =0(':0'(`# g&I# .G.&43# ?/(40# I'# I%4# &/F10#
76%'G.&)# h.I.4# P3(0)# I%4# I'# 6.4.&# ?/(40)# ?/(I# ?/.# ./&# 9./0L
4F1.&1/.G#C/00.&#I'(F1#C./.(W#4./&"]%664#I'#C/0#C/(#(.I.&#
?/6640)#$31&#L#EF1#?Y(I.#<.(40.1.&)#K%664#I'#.4#&/F10#0'40)#%G.(#
I'#:%&&40#L#I'#:%&&40#C/F1#/&#./&.(#P3F1.#%&('K.&"""#&%F1I.C#
I'#./&.#B.6.7.&1./0#I%W'#1%00.40)#YG.(#%66#I/.4#&%F1W'I.&:.&#
'&I# .4# /&# ./&.# ;(0# <3&# 9.(4X.:0/<.# W'# G(/&7.&"# EF1# G/&# 43# %'K#
I./&.# =YN1./0# '&I# a1%(C.# '&I# [/&I6/F1:./0# %&7.?/.4.&)# '&I#
KY(F10.# C/F1# 43)# I%44# I'# 4%'.(# '&I# I/F1# G.4F1'6I/7.&# ?/(40# L#
%G.()#I%4#6/.70#%&#I/(#'&I#I/(#?/(I#&/F104#%&I.(4#YG(/7G6./G.&)#
%64# OI/F1# W'# &.1C.&)# ?/.# I'# G/40O)# <.(C'0.# /F1"# ;G.(# I'#
G(%'F140# I/.4.# -./0# 'C# %GW':Y16.&# '&I# 4.N1%K0# W'# ?.(I.&)#
'&I#/F1#G(%'F1.#%'F1#./&7.#-./0)#I%W'"#R'#43660.40#I%4#%C#**"#
.CXK%&7.&"#EF1#?.(I.#/&#C./&.(#P31&'&7#<3&#A#L#+Dp8#/&#I.&#
>QF10.&#<3C#*,"#G/4#W'C#b+")#G./I.4#.(?%(0.&I)#I./&.&#;&('K#
'&I#/1&#W'#KY(F10.&)4./&"#EF1#?/66#&/F10#C/0#I/(#<3(1.(#4X(.F1.&)#
'&I#/F1#13KK.#I'#<.(40.140#L#'&I#/F1#I.&:.#</.66./F10#?/(40#I')#
I'#I.(#/CC.(#I.(#<.(40Q&I&/4<36640.#<3&#ZQ&&.(&)#0(30W#I./&.(#
76./F1G6./G.&I.&# =.6G401.(%G4.0W'&7)# ?%(40"# M/&.# %&I.(.# =%L
F1.#L#G./I.)#U3Gj#'&I#/F1#40/CC.&#YG.(#I%4#YG.(./&D#&/CC#.4#
&/F10# /&# I./&.&# [3XK)# 'C# .G.&# X6J0W6/F1# /&# ./&# ]6'7W.'7# W'#
4X(/&7.&#'&I#O/&#I.ˠI.&.&#P.40.&#W'#K6/.7.&O#L#EF1#?Y(I.#
I/F1# &/F10# 4.1.&# ?366.&)# K%664# I'# .4# 0'40"# EF1# G/&# &/F10# G.(./0#
;'7.#/&#;'7.#I/F1#W'#4.1.&)#$31&#L#C./&.#B.KY16.#4/&I#W'#4.1(#
!
&#!
/&#H.?.7'&7#'&I#C./&#=.6G40/C%7.#/40#W'#4.1(#/&#./&.C#nG.(L
7%&74W'40%&I"#P/(#?.(I.&#'&4#?/.I.(#0(.KK.&)#h%"#g&I#/F1#?%L
7.#.4#W'#4%7.&)#I%44#/F1#.G.
KK.)#I'#?/(40#W'#'&4.(.(#23F1L
W./0# :3CC.&# f# EF1# C'44# .0?%4# ?%7.&)# %64# /F1# 4.1.)# I%44# /F1#
.4# &/.I.(7.4F1(/.G.&# 1%G.`i1)# $31&)# /F1# 0'.# I/F1# 6/.G.&)# '&I#
/F1#13KK.#I/.4.(#H(/.K#1%0#I/(#&/F10#W'#</.6#=F1C.(W#<.('(4%F10#L#
EF1#13KK.#437%()#B300#/40#7'0#7.?.4.&#'&I#I'#1%40#I./&.&#./7.L
&.&# O$.C%&IO# /&# I.&# 6.0W0.&# X%%(# P3F1.&# 7.K'&I.&# L# /&# I.(#
-?/4F1.&W./0)#G/00.#?./N)#I%44#I'#/CC.(#\/CC.(`_#h.C%&I#KY(#
C/F1#4./&#?/(40"#
Z./&#T/.G.()#
#
V'01#
#
9=# L# g&I# 3G?316# .4# %G7.I(34F1.&# /40)# /40# .4# .G.&K%664# ?%1(D#
EF1#13KK.#?/(#:J&&.&#/CC.(#](.'&I.#4./&"#
#
#
mmm#
#
#
H#Y#(#3#/#�#.#(#&#.#4##Z#.#C#3#
;&D#V37.(#P%I.#
53&D#$31&#[.&03&#
H.0(.KKD#;C04&/.I.(6.7'&7#
#
EF1# G/&# 1/.(# ./&# G/44F1.&# KJ(C6/F1)# ?./6# I/.4# ?/(:6/F1# ./&# H(/.K#
<3&# ;C04&/.I.(6.7'&7# /40)# V37.()# Z.C3K3(C# 3I.(# &/F10"# EF1#
?.(I.#%C#M&I.#I.4#U%7.4#<.(4F1?/&I.&#L#?/66)#/C#]%:0'C#G.L
7/&&.&)#C./&.&#=F1(./G0/4F1)#43#G%6I#?/.#/F1#I%4#1/.(# .(6.I/70#
1%G.)# %'4W'(Q'C.&"# EF1# ?Y(I.# &/F10# I/.# B(Y&I.# X(YK.&# L# 4/.#
4/&I#X.(4J&6/F1"#EF1#4.1.#4.6G40<.(40Q&I6/F1#./&)#I%4#5.(6%44.&#
31&.#<3((%&7/7.#Z/00./6'&7#/40#4.1(#4F16.F10#7.40%60.0"#=3660.40#
I'#?Q16.&)#I/.#;&7.6.7.&1./0#C/0#I.(#;X.e#a3(X3(%0/3&#%'KW'L
&.1C.&)# ?Y(I.# /F1# 76YF:6/F1# 4./&# ./&.# <.(&Y&K0/7.# ].404F1Q0L
W'&7# W'# G.W%16.&"# EF1# G/&# 0(%'(/7# YG.(# I/.4)# V37.("# EF1# C%7#
'&I#(.4X.:0/.(.#I/F1"#M/(3N.4#B.4F1QK0)#%G.(#I%4#./&K%F1#W'#
4./%0"#
&$!
53&#$31&#[.&03&v4#U%7.G'F1#
*l#ZQ(W#*+,*#
#
EF1#1%G.#&3F1#&/.#<.(4'F10#./&#U%7.G'F1#W'#&.1C.&)#4./0#/F1#
**#$%1(.#%60#?%()#%64#C/(#C./&.#U%&0.#='4%&#L#030#4./0#I/.4.&#
</.6.&# $%1(.&# L# C/(# ./&# :6./&.4# U%4F1.&0%7.G'F1# W'# C./&.C#
B.G'(040%7# 7%G"# M4# ?%(# 7.(%I.# ./&# G/66/7.4# :6./&.4# R/&7^# ?/.#
U%&0.#='4%&# 4.6G40)#&'&#I.&:.#/F1#YG.(#I%4#&%F1"# EF1#G.1/.60#
I%4#U%7.G'F1)#W'#'&I#%'K#\C./40.&4#W'_#KY(#G./&%1.#I(./#P3L
F1.&"#EF1#G.:3CC.#</.66./F10#7.(%I.#&/F10#I%4#K.(&)#I/.4.#-./0)#
%G.(# .4# C%F10# C/(# ?/(:6/F1# &/F104"# R%4# ?%(# V37.(v4# EI..# '&I#
V37.(v4#EI../&I#C%&F1C%6#7'0"EF1#1%G.#I.&#V3C%&#<.(?3(L
K.&#L#31)#I.&:#&/F10#I%(%&)#I%44#/F1#/(7.&I#.0?%4#C.63I(%C0/L
4F1.4# 0%0)# ?/.# .4# /&4# ].'.(# W'# ?.(K.&# W'(# M(/&&.('&7# C./&.(#
4X3&0%&..(G(.&&'&7#<3&#Z./&.(#.(40..(/J4.&#T/.G.^#EF1#
4F1(./G.# 437%(# I/.4.&# .(40.&# \'&I# </.66./F10# 6.0W0.&_# M/&0(%7)#
%'K#I.&#VYF:.&#<3&#I.&#Z%&'4:(/X04./0.&)#/&#C./&#U%7.G'F1"#
;G.(#./&.&#V3C%&#<.(?.(K.&)#1%0#&/F104#C/0#I.&#%:0'.66.&#=./L
0.&#W'#0'&)#h.I.&K%664^#?%4#%'K#I.&#=./0.&#/40)#/40#43#.G.&#</.6#
030.#2%'0"#R.(#V3C%&#W.(KQ660#437%(#./&W.6&#/&#I./&.C#[3XK#)#43#
4F1./&0#.4)#?/.#I.4#9K%((.(4#?'&I.(<366.#M/&.#L#1344#41%j"#5/.6L
6./F10# I/.# ./&W/7# 7'0.# =%F1.# YG.(# V'01v4# F1(/406/F1.&# H(/.K# /40)#
I%44#.4#./&#M&I.#C./&.(#7(%&I/34./0.(%(/4F1.&#H.40(.G'&7.&#
C%F10."# Z%/C3&%0)# G./# $31&# MI?%(I# [.&03&)# I.&# ZQ(F1.&<3L
7.6#4%'7.&I"#2%0#.4#./&.(#&J0/7)#./&#U%7.G'F1#C/0#2/&0.(7('&IL
/&K3(C%0/3&.&#W'#G.7/&&.&f#R%4#?%(#:./&.#](%7.)#?.6F1.#C./L
&.# B.I%&:.&# I'(F1t'.(0.)# %64# /F1# **# ?%(# L# W'C/&I.40# &/F10#
I%4# /F1# W'(YF:('K."# g&I# 0(30W# I.(# 7(3N.&# 4F1./N# ;&1J('&7.&#
<3&# M&76/4F1:'(4.&)#I/.#/F1#/&#C./&.(#-./0#&%1C)#/F1#.(/&&.(.#
C/F1#&/F10#%&#./&.C#0./67.&3CC.&#W'#1%G.&)#?.6F1.(#I/.#9(3L
03:366.#<3&#-./04F1(/K0.&#./&4F163N"##
]'N&30.&)# -'4%CC.&K%44'&7.&)# B('&I(/N.)# I.(# (/F10/7.# i(0#
<3&# 5.(Q&I.('&7.&)# I/.# :3((.:0.# ]3(C# I.4# B.4F1QK04G(/.K.4# L#
I%4# ?%(.&# %66.4# R/&7.)# G./# I.&.&# /F1# g&0.((/F10# &%1C"# ;G.(#
?/.#/F1#./&#U%7.G'F1#G.7/&&.)#I%#G/&#/F1#7.&%'43#6..(#?/.#/F1#
G/&)#C/(#4%7.&I)#?/.#I./&#T.G.&#?./0.(7.10#&%F1I.C#4./&#T/F10#
7.(%I.#.(634F1.&#/40"#2/.(#/40#C./&.#M&04F1./I'&7)#&%F1#7%&W.&#
p8# =.:'&I.&# <3&# 4F1?.(?/.7.&I.(# nG.(6.7'&7D# ./&# G/44F1.&#
2/&0.(7('&I/&K3(C%0/3&# ?Y(I.# &/F10# 4F1C.(W.&"# Z./&# >%C.)#
?/.#3G.(1%6G#.(?Q1&0)#/40#$31&#MI?%(I#[.&03&^#EF1#G/&#bl#$%1L
!
&%!
(.# %60^# EF1# G.4'F10.# I/.# H(3?&# g&/<.(4/0j)# ?3# /F1# /&# M&76/4F1#
C%0'(/.(0.)# I/.&0.# %64# 9(Q4/I.&0# I.(# Z/603&# =3F/.0j# '&I# ?%(#
Q'N.(40# ./&7.&3CC.&# <3&# C/(# 4.6G40^# EF1# 76%'G0.)# I%44# 4/F1#
%66.4#/&#C./&.C#T.G.F16/.N6/F1#%64#K./.(%'440.660^#EF1#1%L
G.# 4./0I.C# I%W'7.6.(&0"# Z./&# 5%0.(# /40# 030)# C./&.# Z'00.(# 6.L
G.&I/7# '&I# 7.4'&I# '&I# 6.G0# /&# =%&K3(I)# Z%/&."# EF1# 1%G.# I(./#
=F1?.40.(&"#-?./#4/&I#<.(1./(%0.0^#I/.#I(/00.#6.G0#W'#2%'4.#'&I#
?/66# /1(# ;G4F16'44h%1(# %&# I.(# =%&K3(I# 2/71# I/.4.&# $'&/# G..&L
I.&"# EF1# 6.G.# /&# ./&.(# -?./W/CC.(?31&'&7)# ?.&&# /F1# .4# C/(#
YG.(6.7.)# ?Q1(.&I# I.(# 6.0W0.&# X%%(# U%7.# W/.C6/F1# %&7.&.1C#
?%(^#$.0W0#4F1./&0#4/.#IY40.("#EF1#%(G./0.#KY(#./&.#<.(7%CC.60.#
HYF1.(7.4.664F1%K0)# ?.6F1.# U%4F1.&G'F13(/7/&%6.# <.(JKK.&0L
6/F10)#I/.#C./40.%&I.6&#<3&#(/.4/7.&#[QK.(&#'&I#5/.0&%C<.L
0.(%&.&)# I/.# I/.# P.60# C/0# %'03C%0/4F1.&# P%KK.&# <.(G.44.(&#
?366.&"# R(./# U%7.# W'<3(# 1%G.# /F1# 1.(%'47.K'&I.&)# I%44# C/F1#
C./&.# ](.'&I/&# KY(# ./&.&# %&I.(.&# Z%&&# <.(6%44.&# 1%0"# M/&#
X%%(# ;&0?3(0.&# W'# I/.4.C# 4/&I# .(K3(I.(6/F1)# 43# <.(4'F10.# /F1#
C./&.&#$3G#W'#:Y&I/7.&"#M4#1%0#:./&.&#=/&&#W'#<.(4'F1.XQL
0.(# 3I.(# h.0W0# /&# C./&# E&&.(40.4# W'# 7.1.&"# M4# ?%(# /&# :./&.(#
P./4.# ('1/7)# %64# /F1# C/0# I.C# G.7%&&)# %'K# B('&I# ./&.4# ;'4L
G('F14)# I.&&# /F1# &'(# %64# <.((YF:0.4# ;(G./04K/.G.(# G.W./F1&.&#
:%&&"#5/.66./F10#?.(I.#/F1#./&.4#4XQ0.(.&#U%7.4#&Q1.(#%'K#I/.L
4.4# B.4F1QK0# ./&7.1.&)# %G.(# W'(# -./0# 4F1./&0# I%4# P/F10/740.#
<3&# R.0?./66.(# '&I# 2.F:46.(# ?./0# /&# I.&# 2/&0.(7('&I# <.(L
4F1?'&I.&# W'# 4./&"# ]%664# I'# h.C%64# <3&# /(7.&Ih.C%&I.&#
%G('X0#<.(6%44.&#?3(I./&I)#I.&&#I'#6/.G.�'40#'&I#0/.K#6/.L
G.�'40)#?/(40#I'#I/.#=3(0.#=F1C.(W#:.&&.&)#I.&#/F1#.CXK'&L
I.%G."#P.&&#I'#.4#&/F10#1%40)#:%&&40#I'#.4#&/F10"#M/&K%F1#
?/.# I%4"# EF1# &.1C.# /&# ;&4X('F1# W'# 4%7.&)# EF1# KY160.# I/.# ;(0)#
?/.#/F1#.4#0%0)#%64#C./%0.(#40%(G)#%G.(#/F1#0%0#&/F10"#U./6#<3&#
C/(#\I.(#U./6#I.()#;'03(#3I.(#&/F10)#CJF10.#76./F1G6./G.&I#Z.L
0%X1.(&#C%F1.&_)#?Y(I.#.4#7.(&.#/&#./&.C#4F1C.(W6/F1..(L
6'40#C%F1.&)#'&I#/F1#76%'G.#V37.(#1%00.#0./6?./4.#(.F10)#%64#.(#
I/.4..(76./F1#%'K#I.C#K6Y44/740.&#M44.&#C%F10.)#I%44#?/(#/&#
I.(#>%F10#C./&.(#;C04&/.I.(6.7'&7#1%00.&)#%G.(#I%#4/&I#%'F1#
&3F1#%&I.(.#?.4.&06/F1.#]%:03(.&"#M4#/40#./&.#U(.&&'&7#L#?/.)#
K%664#I/(#h.C%&I#.(WQ160)#I%44#I'#&/F10#C.1(#6Q&7.(#I./&#T/.GL
6/&74.44.%G.&#:J&&0.40)#3I.(#./&.#R(37.#W'#G.&'0W.&)#<3&#
I.(#I'#4YF10/7#7.?3(I.&#G/40"#g&I#I%#/40#./&/7.4#4F16.F10"#P/.#
%'F1#/CC.(#I'#I/.#=%F1.#I.K/&/.(40)#/F1#K/&I.)#I%44#C./&#./7.L
&&!
&.(# =/&&# <3&# =.6G40%F10'&7# '&I# =.6G40?.(0# /(7.&I?/.# /&# /1(#
I'(F1./&%&I.(# 7.(%0.&# 4/&I)# '&I# .4# 4F1C.(W0"# M4# 4F1C.(W0#
</.6"#g&I#.4#4F1./&0#I/.#7%&W.#-./0#W'#4F1C.(W.&"#EF1#G/&#/CL
C.(# /C# =0%&I.# 7./40/7.# =F1C.(W.&# '&I# X4jF1/4F1.&# ['CC.(#
/&#C./&.C#=F16%K#W'#.&07.1.&)#%G.(#I%4#/40#&/F10#7'0#W'#I/.4.(#
-./0"#M4#4F1C.(W0#I3(0#%'F1"#V'01v4#H(/.K#\](%7.D#P/.</.6.#T/.L
G.(#$31&#H(/.K.#4/&I#0%04QF16/F1#W'#$31.4%&I0#?3(I.&f#=366L
0.&# ?/(# ./&.&# [6'G# 7.40%60.&)# ?/.# I.(# $/C# =C/01# =3F/.0jf# M4#
:%C#'C#I/.#**#1.('C#L#.4#?%(0.0.#/&#C./&.C#H(/.K:%40.&#?/.#
./&.# -./0G3CG.)# %64# /F1# &%F1# 2%'4.# :%C"# EF1# :(/WW.60.# C./&.#
;C04&/.I.(6.7'&7# I.&# &QF140.&# Z3(7.&# %'K# ./&.&# Z.C3<3(L
I('F:#'&I#4%&I#.4#W'#V37.(#P%I.v4#HY(3#</%#V/II6.j#1/&%G)#I.(#
'&4.(#6Q40/7.(#2%'4C./40.(#L#9340%&7.40.660.(#G./#-.&/01#23'4.#
/40"# V37.(# :%C# 1.('&0.(# /&# C./&# HY(3# %64# 4./# 1/&0.(# /1C# I.(#
U.'K.6#1.("#U(30W#I.4#=F1C.(W.4#I.&#/F1#KY16.#'&I#/F1#76%'G.#
I/.# H.&3CC.&1./0# %C# T.G.&# W'# 4./&)# ?%(# /F1# 6QF1.(6/F1# G.L
(Y1(0"# >%F1# ./&.(# :'(W.&)# /&0.&4/<.&# R/4:'44/3&# \W'# C./&.(#
=F1%&I.# G(%F1# /F1# W'4%CC.&# '&I# ?./&0.# '&I#3G76./F1#/F1# .4#
K.(0/7G(%F10.# /1C# %'4I(YF:6/F1# W'# .(WQ16.&# ?%4# I%4# 9(3G6.C#
?%(c/40)# /F1# 76%'G.# .(# <.(C'0.0.# .4_"# EF1# 40/CC0.# W'# C./&.#
;C04&/.I.(6.7'&7# %'KW'4F1/.G.&)# W'C/&I.40# ?Q1(.&I# I/.4.4#
;G.&I4)# ?.&&# V37.(# <3(4F16'7)# I%44# ?/(# W'4%CC.&:3CC.&#
'&I# YG.(# I/.# =/0'%0/3&# 4X(.F1.&"# OM/&# X%%(# B.0(Q&:.# '&I# ./&#
=0.%:# L# G6'0/7.4# =0.%:# 1/6K0# </.66./F10# I/.# =/0'%0/3&# /&# ./&.#
=/F10?./4.#W'#0'&)O#?%(#I/.#;(0#?/.#.(#.4#0%0)#%G.(#/F1#I.&:.)#
0%04QF16/F1#40.660.#.4#4/F1#1.(%'4#C.1(#%64#./&#R'0W.&I#B.0(Q&L
:.# W'# 4./&"""</.6# C.1()# </.66./F10"# EF1# <.(63(# I/.# -Q16'&7"# g&I#
.4#?%(#?/.I.(#</.(#5Q0.()#/&40/&:0/<"#-'C/&I.40#./&#i(0#?3#/F1#
:./&.# B.I%&:.&<.(G/&I'&7.&# C/0# V'01# 1%G."# >%F1# -'40/CL
C'&7#W'#V37.(v4#M44.&4<3(4F16%7)#7/&7#/F1#&%F1#2%'4.)#4F16/.K#
I.&#V.40#I.4#U%7.4#'&I#?%F10.#C/0#I.&#B.KY16.&#I.(#nG.6:./0#
'&I# H.&3CC.&1./0# '&I# I.C# [3XKG('CC.&# L# I%4# W'(YF:7.L
G6/.G.&.#B.KY16#<3./F10.C#[%0.()#%64#?.&&#/F1#W'#</.6#=F16%K#
G.:3CC.)#I.&#/F1#7%(#&/F10#G(%'F1."#M4#?%(#dDp8)#K%40#I'&:.6)#
'&I# /&# I.C# '&6/.G4%C.&# T/F10# ./&.4# 4XQ0.&# P/&0.(./&G('F14#
:J&&0.# /F1# C/(# &/F10# <3(40.66.&# ?%('C# /&# B300.4# >%C.&# /F1#
V37.(# .(6%'G0# 1%00.# C/F1# /&# I/.# [3CX(/NC%N&%1C.# 1/&./&W'L
(.I.&)#C./&.#;C04&/.I.(6.7'&7#<3(6Q'K/7#KY(#W?J6K#=0'&I.&#W'#
C%F1.&"#EF1#KY160.#C/F1#?/.#./&#i1(#%'4#Z%/4)#G./#I.C#/(7.&IL
h.C%&I# ./&.&# 4%7.&1%K0.&# -%'G.(0(/F:# %'K7.KY1(0# 1%0"# >/CC#
!
&'!
I.&#Z%/4#'&I#I.&#Z%/4:36G.&#'&I#I%4#7(Y&.# =F1'0W4F1/6I#I.(#
H6Q00.(# '&I# I/.# K./&.# 7.6G?./N.&# 9366.&t'%40.# /40# '&<.(4.1(0"#
EF1#G/&#G.?'N0#L#B300#?./N#/F1#1%G.#</.6#7.6.4.&#'C#.4#W'#4./&#
L#?/.#Hj(3&/F#L#[.%04/%&#L#['CC.(#L#<3C#L#h'&7.&#P.(01.(#I%4#
7.KQ660)# %G.(# ./&.# <3&# I.&# U%7.G'F1K(.'I.&)# I/.# /F1# C/0# **#
.&0I.F:0# 1%G.# '&I# </.66./F10# h.0W0# ?/.I.(.&0I.F:.)# /40)# I%4# I'#
4F1(./G40#31&.#9'G6/:'C#L#(.%6#3I.(#<3(40.66.&I#L#/&#B.I%&:.&"#
R'#:%&&40#4%7.&)#?%4#%'F1#/CC.(#I'#<.(K/F:0#7'0#CJF10.40"##
EF1# &%1C# ./&# 4.1(# 6%&7.4# H%I)# 7(JN0.&0./64# 40%&I# /F1#
G.&3CC.&)# C/0# ./&.C# V/.7.6# =./K.# /&# ./&.(# 2%&I)# '&0.(# I.C#
R'4F1:3XK# '&I# I%&&# 0(3F:&.0.# /F1# C/F1# %G# '&I# W37# C/F1# %&#
'&I# 4%N# %&# I.(# 53(I.(4./0.# I.4# ].(&4.1.(4# ?Q1(.&I# *+D*d#
3I.(#43)#%64#.4#W./0#?%(#%'4W'7.1.&#'&I#V37.(#W'#0(.KK.&"#EF1#
&%1C#V'01v4#H(/.K#%'4#C./&.C#=F1(./G0/4F1#1.(%'4#'&I#403XK0.#
/1&#/&#C./&.#U%4F1.)#7.(%I.#G.<3(#/F1#?.77/&7)#.&04F1./I.&I#
I%KY()#I%44#V37.(#.G.&#?/44.ꪌ.)#?%4#C/F1#%'4#I.(#H%1&#
7.(%0./.4"#P%(#/F1#%'K#I.(#='F1.#&%F1#Z/07.KY16#f#M/&.#1./:L
6.# ;&7.6.7.&1./0)# ?/.# I/.# R/F10.(# 4%7.&f# EF1# ?./N# .4# &/F10"#
;G.(# C./40.&4# I.&:.# /F1)# ?3660.# /F1# /1C# <.(4/F1.(&L# ?/(:6/F1)#
?/(:6/F1#<.(4/F1.(&#L#I%44#/F1#:./&.#V%00.#?%()#I/.#.//&:.&L
I.4#=F1/KK#<.(6Q440"#P./6#/F1#V37.(#?/(:6/F1#C%7#'&I#.4#0'0#C/(#
6./I# KY(# I/.# -?/F:CY16.# /&# I.(# .(# I(/&&.&# /40"# EF1# :J&&0.# /1&#
G.4F1(./G.&# L# '&I# K%664# .(# ./&.# B.40%60# /&# ./&.(# <3&# C./&.&#
M(K/&I'&7.&#?Q(.)#<.(C'0.#/F1)#?Y(I.#/F1)#/&#W'#</.6.&#M/&W.6L
1./0.&)# 43# 6/.G.<366# 0'&# L# %G.(# 4./0# I/.4.4# U%7.G'F1# KY(# C/F1#
%66./&.# /40# '&I# /F1# <366:3CC.&# ?./N)# ?%4# V37.(# 76./F14/.10)#
1%G.# /F1# I/.# C.0%X13(/4F1.&# P./&0(%'G.&)# %G?Q(04# I.(# 2%66.#
<3&#/1C)#4./0#I.(#6.0W0.&#*A#Z3&%0.#7.0(.0.&)#I%(%&#/40#?/(:6/F1#
:./&# H.IY(K&/4"# EF1# K/&I.# I/.4.# U%04%F1.# '&.(:6Q(6/F1.(?./4.#
G.K(./.&I"# R/.# ./&W/7.&# 1.(<3(40.F1.&I.&# 9'&:0.# YG.(# V37.(#
4/&I)# I%44# .(# !d# /40)# ,# G/4# *8# $%1(.# Q60.(# %'44/.10)# </.6# W'</.6#
(%'F10)#/40#I(./C%6#7.4F1/.I.&"""#'&I#I%44#/F1#/1.1(#C%7";64#
?/(# %&# ./&.C# 1/&0.(.&# U/4F1# <3&# ]%01.(4)# C/0# B.0(Q&:.&# <3(#
'&4)# 4%N.&)# K(%70.# .(# C/F1)# ?%4# &.G.&# I.(# 3KK.&4/F106/F1.&#
g&76YF:4.6/7:./0# I/.4.4# 0.'K6/4F1.&# $%1(.4# &/F10# 40/CC0."# EF1#
&%1C# V'01v4# H(/.K# %'4# C./&.(# U%4F1.# 1.(%'4# '&I# ?%(K# /1&#
40'CC#YG.(#I.&#U/4F1#W'#/1C"#PQ1(.&I#.(#.4#6%4)#G..&I.0.#/F1#
C./&.&#R(/&:#'&I#G.40.660.#./&.&#?./0.(.&"#;64#I.(#[.66&.(#C/0#
/1C#:%C)#G..&I.0.#V37.(#4./&.&#./7.&.&#R(/&:#%'K#./&.&#-'7)#
G.40.660.# ./&.&# ?./0.(.&# '&I# 6.70.# V'01v4# H(/.K# &.G.&# 4./&.&#
&(!
U.66.("# =./&# ;'7.&# YG.(K637.&# /1&# /CC.(# &3F1"# OvH.<3(# 4./&.#
U(Q&.&# 6%&7# ?%(.&# <.(C/4F10.&# 4/.# 4/F1# C/0# C./&.&v# fO# 4%70.#
.(#/&#./&.(#W'#C/(#6./4.X(.F1.&I.&#=0/CC."#Ov$.I.4#P3(0#/40#
KY(# C/F1# ?/.# ./&# 9./04F1.&1/.G# I'(F1# C./&# 2.(W# 7.?.4.&v# f#
$.4'4)# EF1# ?'&I.(.# C/F1)# ?.&&# 4/.# &3F1# &/.#/&# M(?Q7'&7# 7.L
W37.%0#Z/.I.(#L#=F16/0W.(#W'#4F1(./G.&"#R%#C%7#.0?%4#I3(0#
4./&"r#
q2J(#%'K)#V37.("#R%4#/40#&/F10#6'40/7"r#
q>./&)#/F1#<.(C'0.#&/F104)O# 4%70.# .(#'&I#4%1#W'#C/(#C/0#./L
&.C# ;'4I('F:# <3&# Z/07.KY16)# I.(# W'# I.(# 76./F1.&# -./0# 0/.K#
0(J406/F1#'&I#0/.K#'&%&7.&.1C#?%("#OEF1#1%G.#H.I.&:.&)#?.&&#
</.6# <3&# /(7.&I# .0?%4# I/(# /&# I/.4.C# Z3C.&0# 4.1(# 6'40/7# .(L
4F1./&0"r#
q>/F10#.G../F10)O#40/CC0.#/F1#YG.(./&"#OEF1#?./N)#?/.#4.1(#
I'#4/.#6/.G40"r#
qR'#:%&&40#.4#&/F10"r#
q$%)#/F1#:%&&"#M4#40.10#%'K#I./&.C#B.4/F10)#$31&"O#P/(#0(%&L
:.&#./&.#P./6.#31&.#.0?%4#W'#4%7.&"#R.(#[.66&.(#:%C)#=X./4.L
:%(0.&# 0(%7.&I)# '&I# V37.(# ?/&:0.# /1&# C/0# :&%XX# ./&.C# H6/F:#
?.7"OEF1# 1%G.# I(./C%6# 7.1./(%0.0# '&I# I(./C%6# 7.4F1/.I.&)O#
4%70.#.("#OM4#?/(I#&/F10#G.44.()#3I.(#6./F10.("#M4#4F1./&0#437%(#
4F16/CC.(# W'# :3CC.&)# ?/.)# -./0# KY(# -./0)# %'K# I/.# 4.6G.# .&0L
WY&I.0.#=0.66.#W'#403N.&"#R/.#$"#B./64#H%&I#1%00.#V.F10"#T/.G.#
40/&:0"O#=./&#&.'.(#R(/&:#:%C#'&I#.(#&/XX0.#I%(%&"#EF1#.(?%(L
0.0.#K%40#<3&#/1C#W'#4%7.&)#O](%'.&`#R'#:%&&40#&/F10#C/0#/1&.&#
6.G.&)# I'# :%&&40# %'F1# &/F10# 31&.# 4/.# 6.G.&`)# %G.(# .(# 0%0# .4#
&/F10"O](%'.&)O#4%70.#/F1)#G.7/&&.&I#C/F1#?/.#./&.#(./&.#M(K/&L
I'&7# C./&.(# 4.6G40# W'# KY16.&"# O[%&&40# &/F10# C/0# /1&.&# 6.G.&)#
:%&&40#&/F10#31&.#4/.#6.G.&"r#
qi1#h%#I'#:%&&40)O#4%70.#.()#'&I#3G?316#4./&.#;'7.&#%'K#C/(#
?%(.&)# 4%1# .(# W/.C6/F1# I.'06/F1# /(7.&I?3# %&I.(4# 1/&"# OR'#
:%&&40#W/.C6/F1#./&K%F1#31&.#4/.#6.G.&"#;G.(#6.G.&.#](%')#
4.6G40# ?.&&# 4/.# ./&.# =F1(.F:4F1(%'G.# '&I# ./&.# >J(76.(/&# /40)#
C%F10#./&.&#Z%&%'.("#M4#<.(Q&I.(0#./&.&#G.I.'0.&I.&#U./6#
4./&.(#=..6.#/&#./&.	/F:.6"r#
qV37.(# LOM(# 1/.60# ./&.# 2%&I# 13F1"# OR'# G(%'F140# .4# &/F10#
76%'G.&)#%G.(#?/(#(.I.&#C./40.&4#YG.(#I/.4.4)O#4%70.#.("#OP/.#
?.(I.&#</.66./F10#G.0('&:.&#'&I#?./&.(6/F1#'&I#W.((.&&.&#'&L
4.(#-%1&K6./4F1#%&#I.C#U1.C%)#%G.(#?/(#?366.&#G63N#YG.(#I%4#
(.I.&)# ?/.# ?/(# ./&.&# V%'4F1# G.:3CC.&# 1%G.&)# ?.6F1.4# I%4#
!
&)!
./&W/7.# U1.C%# /40)# G.0('&:.&)# /CC.(# I%(YG.(# W'# (.I.&)# ?/(:L
6/F1"#EF1#?3660.#I/(#.G.%7.&)#I%44#.4#C/(#%'K(/F10/7#6./I#0'0)#
I%44# I/F1# V'01# <.(6%44.&# 1%0# '&I# .4# 0'0# C/(# 6./I# KY(# I./&.&#
=F1C.(W"#EF1#?Y(I.#/1&#C/0#I/(#0./6.&)#?.&&#/F1#:J&&0."r#
qR%&:.)# V37.()O# 4%70.# /F1)# C./&.# =0/CC.# ./&#G/44F1.&# 1./L
4.("#]Y(#./&.#=.:'&I.#?%(.&#I%#I(./#3I.(#</.(#V37.(4)#I/.#YG.(#
I.C# U/4F1# <3&# C./&.C# 4%N.&# '&I# /F1# C./&.# ;'7.&# (./G.&#
C'440."#OR%&:.#</.6C%64"r#
q[./&.# g(4%F1."O# M(# &%1C# ./&.&# =F16YF:.&# <3&# 4./&.C#
R(/&:"# O]Y(# I.&# Z3C.&0# 6%44# '&4# <.(4F1?/&I.&)# ?%4# G/&# /F1#
1/6K634#'CW':.1(.I.(#W'#6/&I.(&#'&I#YG.(#I./&.#-':'&K0#W'#
4X(.F1.&"#$31&)#/F1#CJF10.)#I%44#I'#G./#-.&/01#23'4.#G6./G40)#
?.&/740.&4# G/4# $'&/"# 5/.66./F10# G/4# W'C# M&I.# I.4# $%1(.4)# %G.(#
W'C/&I.40#G/4#$'&/"r#
qEF1#:%&&#&/F10)O#4%70.#/F1"#O]%664#/F1#G6/.G#?Y(I.#/F1#./&#?./L
0.(.(#ZY1640./&#(/&74#1.('C#I./&.4#2%64.4#4./&#'&I#/F1#I.&:.)#
I'#1%40#G.(./04#7.&'7#<3&#I/.4.&#.(1%60.&"r#
qEF1#?Y(I.#76YF:6/F1#4./&)#I/F1#./&#%&I.(4#Z%6#7.1.&#W'#4.L
1.&"O# 4%70.# .()# %64# 3G# .(# .4# &/F10# 7.1J(0# 1Q00."# M(# 1%00.# I/.#
-/7%(.00.&4F1%F10.6# 7.&3CC.&)# I/.# .(# C/0KY1(0.# L# .4# ?%(# W'#
%60# '&I# %&7.:(%0W0# '&I# W.(4F1(%CC0# 'C# ?/.# ./&.# 53(6/.G.# W'#
4F1./&.&#L#'&I#1360.#./&.#[.&0#<3&#I%W?/4F1.&)#I/.#.(4F1/.&.&#
%64#4./.&#.4#<.(4F1/.I.&.#I(%66/7.#$3/&04)#<3&#I.(#E&&.&4./0.&L
0%4F1.# 4./&.(#$%F:.#1.(<3("#O;G.(#/F1#:J&&0.#I/F1#/C#$'&/#7.L
1.%44.&)#K%664#?/(#%'44.1.&)#%64#40/.7.&#?/(#'&4#%'K#'&4.(.#
]Y44."#P.&&#M&I.(4#I/.#;e0#4F1?/&70)#?Y(I.#/F1#7.(&)#I%44#I'#
G/4#M&I.#I.4#$%1(.4#?./0.(C%F140#'&I#1/6K#C/()#?.&I.#R/&7.#/&#
3(I.&06/F1.(#]3(C#%G"O#M(#4F1%'0.#C/F1#%&#C/0#.0?%4#/./&.&#
;'7.&)# I%4# 4.1(# .&7# %&# ./&.C# &%F:0.&# 96QI3j.(# ?%("# O;'4L
4F16/.N6/F1#KY(#C/F1#G/40#I'#I/.#./&W/7.#7./40/7#7.4'&I.#9.(43&#
G./# -.&/01# 23'4."# i1)# /F1# <.(C'0.# :./&.&# <3&# /1&.&# .G.&43#
<.((YF:0# ?/.# B.&.(%6# 2.F:46.(# W'# 4./&# L# %G?316# /F1# C/F1#
C%&F1C%6#YG.(#V/II6.j#?'&I.(.#L#%G.(#.4#/40#&'(#./&.#;&7.6.L
7.&1./0#I.4#B(%I.4"#EF1#G/00.#I/F1#C/F1#&/F10#%66./&W'6%44.&#/&#
I/.4.C#].7.K.'.()#'&I#I%4#/40#.4#?%4#-.&/01#23'4.#I/.4.4#$%1(#
/40"r#
qV37.()#?.&&#/F1#:J&&0.#L#?.&&#/F1#Lr#
q2%40#I'#96Q&.#7.C%F10)#I%C%64fr#
q>./&"""&/F10#I/(.:0"""%G.(#Lr#
'+!
q>/F10# X6%&.&# 1/&%'4W'7.1.&# '&I# 4/.# :3&K(3&0/.(.&)# 0(30W#
?%4#I/.4.(#H(/.K#4%70#fO#M(#.&0WY&I.0.#4/.#C/0#./&.C#]/&7.(&%L
7.6# '&I# I%&&# 6.'F10.0.# 4./&.# -/7%(.00."O>./&"O# R/.# EI..# 1%00.#
G.40/CC0#C./&.#B.I%&:.&#I'(F1t'.(0)#%G.(#/F1#G(%'F1.#&/F10#
V'01)#'C#C/(#W'#.(WQ16.&)#I%44#.4#./&.#4F16.F10.#EI..#?%("#E&#
./&.C# ]/6C# G.7(/KK# I%4# ZQIF1.&# X6J0W6/F1# /1(.&# ].16.()# %64# 4/.#
I..6I.&#/1(.4#T.G.&4#<3(#/1(#40.1.%1)#./&.#1%40/4F1#7.L
X%F:0.# U%4F1.# /&# 4./&.(# 2%&I)# =F1'60.(&# 1.(%G1Q&7.&I# '&I#
4./&#B.4/F10#CYI.#<3C#0(%&4:3&0/&.&0%6.&#]6'7#%'K#I.C#(30.&#
;'7.)# %G.(# /C# ?%1(.&# T.G.&# ?Y(I.# /F1# 4/.# &'(# :3CX6.00# '&I#
KY(#/CC.(#7.7.&#C/F1#?.&I.I.(#/(7.&I./&.#;(0#<3&#.e0(.L
C.(#=F1'6I(.%:0/3&#X(3<3W/.(.&"#g&I#/F1#:J&&0.#</.66./F10#4.1(#
7'0#./&.#.e0(.C#G3e1%K0.#V.%:0/3&#?/.#G./#Z("#U3Gj#;&I.(43&#
X(3<3W/.(.&)# G./# I.44.&# >%C.&# /F1# 43?./0# G/&)# I%44# /F1# /1&#
1.(W6/F1#1%44."#g&I#3G?316#/F1#/1&#&/.#7.4.1.%G.#\I/.#./&L
W/7.#=%F1.)#I/.#4/.#<.(7.44.%0#./&W'4F16/.N.&)#4%70#I.(#4/0L
W.&7.6%44.&.# T/.G1%G.()# ?%(# ./&# H/6I# C./&.4# M(4%0W.4_)# 40.66.#
/F1#C/(#./&.&#h'&7.&#Z%&&#C/0#./&.C#I'(F14F1&./I.&I.&#[/&&#
<3()#4.1(#I/F:)#I.(#W'C/&I.40#/&#C./&.(#M/&G/6I'&7#%'44/.10#%64#
?.&&# .(# /&# ./&.# T34# ;&7.6.4# V%C4# g&/K3(C# 7.1J(0"# EF1# 1%G.#
:./	(3G6.C#KY(#C./&.#B.6/.G0.#/C#=0(.F:<.(G%&I#W'#6%&I.&#L#
I%#/40)#/C#]%:0'C)#./&#C%43F1/40/4F1.(#U./6#<3&#C/()#?.6F1.(#.4#
?%1(4F1./&6/F1#?/66:3CC../N.&#?Y(I.#L#%G.(#.4#?Y(I.#<.(L
6.7.&# 4./&# '&I#/F1# :J&&0.# 4F1(./.&"# M4# ?/I.(0# C/F1# %&# .4# W'L
W'7.G.&)#%G.(#/F1#?./&.#W/.C6/F1#6./F10"#V37.(#4%1#C/F1#7.&%')#
%G.(# YG.(1%'X0# &/F1044%7.&I# %&)# 6.I/76/F1# I.&# 2.&:.6# 4./&.4#
R(/&:76%4.4#I(.1.&I"#g&I#I%#?%(#&3F1#.0?%4#%&I.(.4)#?%(#.4#
&/F10#43#f#iI.(#</.66./F10#?%(#.4#I/.#./&W/7.#=%F1.#'&I#I/.#%&L
I.(./&I#.G.&#V%0/3&%6/4/.('&7.&"#E&#I..0W0.&#X%%(#Z3&%L
0.&# 1%G.# /F1# ./&.# 7(3N.# R34/4# <3&# 5.((YF:01./0# G.:3CC.&"#
>/F10#I/.#7.6.7.&06/F1.#U%4F1.#L#R%C.)#?.6F1.#%'K#I.(#=0(%N.#
7.7.&# I/F1# 40JN0# 3I.(# I/.# H.0('&:.&# /&# I.&# H%(4)# ?.6F1.# I/(#
%66.4#YG.(#I/.#&.'.&#X(%:0/4F1.&#P.004j40.C.#.(WQ16.&#CJF1L
0.&)# C/0# ?.6F1.&# 4/.# G.%G4/F10/7.&# ;06%&0/F# a/0j# /C# =0'(C# W'#
&.1C.&)# %G.(# (.%6.# :(%&:.# 5.((YF:01./0"# g&I# W'I.C# '&7.L
4F1Y0W0# W'# 4./&)# /40# ?/.# ?.&&# I'# <3(# I.(# 3KK.&.&# UY(# ./&.4#
23F13K.&4#40.140#/&#?.6F1.C#./&.#Z.&7.#<3.1(#40/&:.&I.C#
;GK%66#<.(G(%&&0#?/(I"[J&&0.#/F1#/&#-3(.(%0.&)#?.&&#/F1#4/.#
W'4%CC.&# 4.1.)# /1(# &.'.(# 5.(.1(.(# L# .(# <3&# I.C# %G4F1.'6/L
F1.&# ]330G%66# L# =X/.6.(&%C.&# L# I.(# </.66./F10# /1(.&# ;(4F1# C/0#
!
'*!
I.(#76./F17Y60/7.&#g&G.0(3KK.&1./0#./&.4#%&.(:.&&.&I.&#H.4/0L
W.4# 40(./F1.60# f# Z/()# $31&# [.&03&)# 23F14F1'6%G436<.&0# <3&#
H(3?&# '&I# 9(Q4/I.&0# <3&# G6%1# L# G6%1# L# G6%1# f# H.G(/660.(# $31&#
[.&03&#f#[J&&0.#/F1#</.66./F10#.G.&#W'#./&.(#.0?%4#?/(:6/F1#'&L
'C40JN6/F1.&# 2%&I6'&7# 7.0(/.G.&# ?3(I.&# 4./&# L# ./&.(# 2%&IL
6'&7)#I/.#?%1(4F1./&6/F1.(#?Q(.)#?.&&#.4#4/F1#/&#I.(#U%04%F1.#
1.(%'440.660.)#I%44#.(#7.&%'43#I/F:#/40#?/.#4./&#.:.61%K0.(#>%L
C.#<3(4F16Q70#f#=F1(/66.(#%60.(#$31&#[.&03&)#?.6F1.(#./&#HY&I.6#
%&#
=X.W/%6.KK.:0.&#
%64#
%'01.&0/4F1.#
5.(&/F10'&74K3034#
<.(:%&&0.# f# R/.# ;&0?3(0# /40)# /F1# ?./N# .4# &/F10"# ;G.(# /F1# ?./N#
I/.4.4D# EF1# ?%F10.# 6.0W0.# >%F10# <3&# ./&.C# 4F1(.F:6/F1.&#
U(%'C#%'K)#./&#U(%'C)#/&#I.C#/F1#H%00.(/.4Q'(.#/&#/1(#B.4/F10#
7.?3(K.%00."#R%4#?%()#?%4#C/F1#?/(:6/F1#.(4F1(.F:0.)#C/F1#
43# 4F16/CC# .(4F1(.F:0.)# I%44# /F1# I.&# V.40# I.(# >%F10# C/0#
./&7.4F1%60.0.C#T/F10#4F16%K.&#C'440."#>/F10#4./&4"E1(4"V'01v4#
B.4/F10"O>./&)O# 4%70.# /F1# &3F1# ./&C%6# '&I# I%&&# 4F1Y00.0.# /F1#
I.&#V.40#C./&.4#R(/&:4#YG.(#I/.#U(3F:.&1./0)#I/.#/F1#/&#C./&.(#
=0/CC.#1J(0."#O>./&)#/F1#I.&:.#I%4#?Y(I.#4.1(#'&:6'7#4./&"r#
qR%&&#:3&&0.40#I'#?./0.(C%F1.&"r#
q$%)#%G.(#/F1#:3&&0.#&/F10#%(G./0.&"O#EF1#4F1%'0.#/1&#C/0#./L
&.(#7.?/N.&#P'0#%&"#Z./&#[3XK#G.7%&#W'#4'CC.&"#M4#?%(#:./&#
4.1(# K(.'&I6/F1.4#='CC.&)#%G.(#%66#I%4#B6./F1.)#?%4#/F1#I.C#
[.66&.(# 4/7&%6/4/.(0.)# I.(# /&# I.(# >Q1.# %'K# I.(# T%'.(# 7.?.4.&#
4./&#C'440.)#?%(#./&#?./0.(.(#\R(/&:_"#OV/F10/7)#h.0W0#1%G.#/F1#
S(7.(# C/F1# W'# .(/&&.(&)# ?/.# /F1# C./&.# ./7.&.&# =F1&Y(4.&:.6#
G/&I."O#>./&"#]%64F1"#R%4#?%(#/&#'&I#.4#:6%&7#7'0)#%G.(#.4#?%(#
&/F10# I/.# P%1(1./0# L# C./&.# =F1&Y(4.&:.6# 1%00.&# &/F104# I%C/0#
W'#0'&"#OV37.()#/F1#G/&#I.X(/C/.(0"r#
q2/6K634# W'(YF:7.6%44.&.# T.'0.# 43660.&# &/F10# I%4# 2%'4# &%F1#
I.C#H.7(QG&/4#<.(:%'K.&)O#4%70.#V37.()#'&I#/&#C./&.C#=0%%0#
I.4# ='CC.&4# 4F1./&0# I%4# Q'N.(40# 7./40(./F1# L# 2"# T"# Z.&F:.&#
?Y(I/7)#/C#]%:0'C"#EF1#6%F10."#V37.(#6QF1.60.)#%G.(#/F1#:J&&0.#
.(WQ16.&)#.(#?%(#4.(/J4"#OM4#/40#?%1()O#4%70.#.("#OM/&.(#<3&#I/.L
4.&# /&0.(.44%&0.&# ['(4.&# I/.# /F1# h.C%64# /C# a366.7.# G.6.70.)#
&%&&0.# 4/F1# I/.# 94jF13637/.# I.4# C.&4F16/F1.&# =0(.N.4# L# ./&.(#
<3&# I/.4.&# X(%:0/4F1.&# :6./&.&# H%'40./&.&)# I/.# 4/.# I/(# 7.G.&#
'C# I/.# K/&%6.&# %F10# P3F1.&# I./&.4# ;G4F16'44h%1(.4# %'4W'KY6L
6.&)#&%F1I.C#I'#I/.#=0'I.&0.&6.1(.&#K.(0/77.C%F10#1%40#L#q#
qR'#?%(40#I%(%&#./&#T.1(.(#W'#4./&#fO#K(%70.#/F1#YG.((%4F10"#
EF1# :3&&0.# V37.(# &/F10# '&0.((/F10.&# 4.1.&# L# '&I# I%&&)# 7%&W#
'"!
X6J0W6/F1# :3&&0.# /F1"# OEF1# 0%0# KY(# 4.F14# $%1(.# '&0.((/F10.&)O#
4%70.#V37.("#O5/.(#/&#I.(#2/71#=F1336#'&I#W?./#/&#I.(# B('&IL
4F1'6."#;G.(#I%4#/40#%'N.(1%6G#I.(#=%F1."#R.(#['(4#&%1C#96%0W#
KY(#C.&4F16/F1.#=0(.N4/0'%0/3&.&)#?/.#2./(%0)# =F1./I'&7)#](./L
1./0440(%K.# '&I# 4F1C.(W6/F1.&# 5.(6'40# ./&"# R.(# ['(4# ?%(# ?/(:L
6/F1#:./&#P.7?./4.(#KY(#./&.#;(0#G.44.(.4#T.G.&47.4F1QK0)#%G.(#
?.&&#I'#I./&.#;'7.KK.&#G.1Q6040)#:%&&40#I'#W?%(#&/F10#1.6L
K.&#%G.(#./&/7.4#?%1(&.1C.&"#M/&.4#?%(#I/.4.#=%F1.#YG.(#I%4#
;'41%60.&#./&.4#?/(:6/F1#0/.K.F1C.(W6/F1..(6'404)#W'C/&L
I.40# I/.# .(40.&# 4.F14# Z3&%0.)# /&# I.C# 2%'4# ?3# I'# '&I# I./&.#
T/.G.#6.G.&#?Y(I.&)#?.&&#I.(#U3I#4/F1#.(./7&.0."##
OV37.()#I%4#/40#&/F10#I%44.6G."O#EF1#&/XX0.#%&#C./&.C#&.'.&#
R(/&:)# ?.6F1.(# 7.&%'# 43# 4F1C.F:0.# ?/.# C./&# %60.(# R(/&:"# M4#
:%C#C/(#/&#I.&#=/&&)#I%44#/F1#/C#H.7(/KK#?%(#G.43KK.&#W'#?.(L
I.&"# M4# :%C# C/(# .G.&K%664# /&# I.&# =/&&)# I%44# /F1# &/F10# /C# 7.L
(/&740.&# %'K# C/F1# %F10.0."O;G.(# .4# /40)O# 4%70.# .(# K./.(6/F1# 7.L
7.&#C/F1#0.&I/.(.&I"#OE&#./&.(#:3C/4F1.&#;(0#/40#V'01#KY(#I/F1#
h.0W0# 7.403(G.&"# R'# 4/.140# 4/.# </.66./F10# <3&# -./0# W'# -./0# YG.(#
I/.#$%1(.)#%G.(#K%664#I.(#H('F1#7.&%'43#.&I7Y60/7#'&I#:3CX6.00#
/40# ?/.# h.&.(# H(/.K# :6/&70)# I/.# V'01)# ?/(# :J&&0.&# 4%7.&# I./&.#
B.6/.G0.# L# V'01# /40# KY(# I/F1# 7.403(G.&"# g&I# I'# G/40# G.:YCL
C.(0"OEF1# JKK&.0.# C./&.&# Z'&I# 'C# /1C# W'# .(WQ16.&)# I%44# .(#
<366# =F1./N.# ?%(# '&I# I%&&# 4F163N# /F1# /1&# ?/.I.()# ?./6# .(# ?.L
&/740.&4#0./6?./4.#(/F10/7#6%7"#R%4#/40#?%4#.4#?/(:6/F1#G.I.'0.0#
./&.#]%F:.6#W'#0(%7.&)#/40#.4#&/F10#43#f#R'#G/40#G.:YCC.(0#KY(#
I.&# B.6/.G0.&# ?.6F1.(# 40/(G0# L# I.(# B.6/.G0.)# I.(# KY(# I/F1# 7.L
403(G.&#/40)#?/.#%'F1#/CC.("#OT.'0.#&./7.&#I%W'#<3&#v['CC.(#
'&I#v>/.I.(7.4F16%7.&1./0v#%&#'&0./&%&I.(#%'40%'4F1G%(.#;'4L
I('F:4?./4.&#W'#I.&:.&)O#4%70.#V37.("#=./&#U3&#?%(#./%&L
W.4# =0YF:# C.1(# X.I%&0/4F1# %64# 7.?J1&6/F1# '&I# 4./&.# ;'7.&#
?%(.&#./&7.K%N0#<3C#V30"#M4#:%C#C/(#/&#I.&#=/&&)#I%4#V37.(#
G.43KK.&# ?'(I.)# 4.1("# OR%4# 4/&I# 4/.# ?/(:6/F1# &/F10"# R%# /40# ./&#
7('&I6.7.&I.(#gC40%&I#<3&#R.X(.44/3&#/C#['CC.()#&%0Y(6/F1)#
%G.(#I%#4/&I#7%&W#%&I.(.#'CG(/&7.&I.#B.KY16.)#I.(#V%&7K367.#
&%F1# <3&# =F1'6I# '&I# U(%'(/7:./0# W'# P'0# '&I# M(6./F10.('&7"#
M/&.#9.(43&#I/.#<3(#I/.4.(#['6/44.#<3&#B.KY16.&#I%<3&6Q'K0)#/40#
./&.#9.(43&#/C#VYF:W'7#<3(#I.C#g&<.(C./I6/F1.&"#M(#<.(4.0W0.#
4/F1#/&#./&.#&.'.#T%7.#'&I#.&0I.F:0.)#I%44#.(#7.&%'#I/.4.6G.#
Z/4F1'&7#<3&#B.KY16.&#KY160.)#I/.#?/(#%64#['CC.(#G.W./F1&.&#
L#%'N.(#.(#KY160.#h.0W0#%'F1#2./C?.1#'&I#./&#B.KY16#%64#1%G.#
!
'#!
.(# 4F16/.N6/F1# I/.# ?.4.&06/F1.# 5.(G/&I'&7# <.(63(.&)# ?.6F1.#
['CC.(#/&#M(/&&.('&7#?.&I.0."r#
qR'#.(/&&.(40#I/F1#<3&#./&.C#%F10?JF1/7.^jF13637/.G%'L
40./&:'(4#I.&#I'#<3(#*,#$%1(.&#G.6.70#1%40#%&#%66#I%4#fO#V37.(#
&/XX0.#W'(YF:1%60.&I#%./&.C#R(/&:"#O=/F1.()O#4%70.#.("#OEF1#
G.:%C#./&.#*"r#
q=F1./N.#I'#0%0.40"r#
q#MG.&43#4F16'7#/F1#I/.#=0'I.&0/&#I/.#I.&#['(4#'&0.((/F10.0."#
P%4#KY(#./&#=0YF:#;(4F1#4/.#?%("r#
qM4# /40# &/F10# C./&.# P31&'&7)# /F1# X6%&0.# W'# <.(4F1?/&I.&)O#
4%70.# /F1)# 3G76./F1# /F1# :./&.# EI..# 1%00.)# K%664# /F1# C/F1# .&0L
4F1/.I# 4/.# W'# <.(6%44.&# 3I.(# &/F10"""'&I# /F1# ?./N# I%4# ?%(# /(L
7.&I?/.# &/F10# 4./&.# ;G4/F10"# OM4# ?Y(I.# &/F104# %'4C%F1.&)# 3G#
I'# I/.4.# -?./# L# -/CC.(4F1%G.&# M/7.&0'C4?31&'&7# <.(6QN0#
3I.(#&/F10)O#4%70.#.("#OR'#?./N0#?3(YG.(#/F1#1/.(#4X(.F1."#R./&#
$3G#/40#I./%'4"r#
q@.%1# f#B'0#I.(#=F13(&40./&#/40#4/F1.(#6.F:)O#4%70.#/F1)#'&I#
.G.&#I%4#4F1./&0#KY(#C/F1#%'K#./&.#;(0#?/0W/7"EF1#?%(#/C#H.7(/KK#
G.43KK.&# W'# ?.(I.&)# %66.4# /&# i(I&'&7"# OEF1# CJF10.)# I%44# I'#
C/(#1/6K40#I%4#T.F:#I/F10#W'#C%F1.&)#$31&)O#4%70.#.(#4/F1#7.?/L
N.&1%K0#<3(?Q(04#&./7.&I"#OR%4#/40#?%4#/F1#4%7."#R%4#/40#?%(L
'C#/F1#I/F1#1.'0.#;G.&I#%'4K(%7."#g&I#I./&#;G:3CC.&#/40#I/.#
./&W/7.# KQ1/7.# =%F1.)# I/.# I.&# [%0W.&h%CC.()# I.(# W?./K.6634#
W'C#7.C./&40.&#C./&.4#T.G.&4#?.(I.&#?/(I)#6/&I.(0"#2/6K#'&4#
G./I.&"#Z%F1#?./0.("r#
qR'# ?/(40# C/(# <.(W./1.&)# ?.&&# %66.4# <3&# I.C# ./&# :6./&.4#
G/44F1.&# &%F1# =.6G40# L# 93(0/3&# '&I# W'KQ66/7# :6/&70"O# M(# 6.1&0.#
4/F1# W'(YF:"# OEF1# (.4X.:0/.(.# I/F1)O# 4%70.# .(# ./&.# [6./&/7:./0#
:%60)#O%G.(#.G.&43#C%7#/F1#I/F1)#$31&"#P.&&#/F1#.4#&/F10#0Q0.#
?Y(I.#/F1#C/(#&/F10#I.&#;(4F1#%'K(./N.&#'C#I/F1#W'#1%60.&"O#M(#
WJ7.(0.)# 4F1/.&# 43# %64# ?Q(.# .(# %&# I.C# 9'&:0# .0?%4# C.1(# W'#
4%7.&)# I%&&# I3F1# &/F10"# =./&.# ;'7.&# 4%70.&# .4# KY(# /1&D# g&I#
C/F1#4.6G40#G./C#&%1.W'#<.(K6'F10.&#H.00.6&#.(&/.I(/7.&"#OEF1#
<.(40.1.#.G.&#&/F10#?%('C#I'#I/(#43#7(3N.#ZY1.#7/G40)O#4%70.#
/F1"#OEF1#C./&.)#/F1#G/.4F1C./F1.60)#%G.(#Lr#
qP.&&# /(7.&Ih.C%&I# ./&# H'F1# ./&G(/&7.&# :%&&# 3I.(# ./&.#
EI..#/&4#T.G.&#('K0#I/.#-.&/01#<3(C#;G:(%0W.&#G.?%1(.&#?/(I)#
G/40# I'# .4)O# 4%70.# .("# R%# ?%(# ./&.# E&0.&4/0Q0# /&# 4./&.&# ;'7.&#
I/.#/F1#G./&%1.#.(4F1(.F:.&I#K%&I"#OEF1#?./N#?/.#<.(K6'F10#<.(L
6.7.&#I'#G./C#7%&W.&#R.0?./66.(7.4F1QK0#?%(40)#%G.(#L#q#
'$!
qH/00.)O#4%70.#/F1"#OT%44#'&4#&/F10#H.6./I/7'&7#W'#5.(6.0W'&7#
1/&W'WQ16.&"r#
qEF1# 1%00.# :./&.# ;G4/F10# .4# 7.(%I.# 1.(%'KW'G(/&7.&)O# 4%70.#
.("#OM4#/40#%&7.C.44.&#I%44#I'#%'K(/F10/7#W'#436F1#./&.C#I'(F1#
L#I/.#L#Z%'.(#L#;G0(.&&'&74<3(4F16%7#Lr#
qM4#?%(#I'(F1#I/.#Z%'.(#%G7.0(.&&0)#4F13'0#Lr#
qP/(40#I'#I/.#[6%XX.#1%60.&#'&I#W'1J(.&#f#R./&.#V.%:0/3&#W'#
I.C# /&# ](%7.# 40.66.&I.&# R.0?./66.(# H(/.K# W./70.)# I%44# I'# &3F1#
/CC.(# W'# ./&.(# X30.&0/.66.&# B.4F1QK04/I..# %&/C/.(0# G/40"# 2.(G#
3I.(#H/66#?Y(I../&.&#H(/.K#./&K%F1#/&#I/.#V'&I4F1(./G.&%:0.#
1%G.&# K%66.&# 6%44.&"Og&I# ?/(# %66.# ?Y(I.&# G.44.(# I(%&# 4./&)O#
4%70.#/F1)#?./6#/F1#4%1#?3(%'K#.(#1/&%'4?3660.#'&I#?Y(I.#6Y7.&)#
K%664#/F1#&/F10#4%7.)#I%44#/F1#7.4F1C./F1.60#?%("""'&I#I%44#/F1#
C/F1# W'C# .(40.&# Z%6# 4./0# C./&.(# R.CY0/7'&7# %'K# I.(# 936/W./L
40%0/3&# ./&# G/44F1.&# G.44.(# G./# I.(# R.0?./66.(%KKQ(.# KY160."#
OR/.4C%6)O# 40/CC0.# .(# YG.(./&"# O;G.(# I/.4.# [.(6.# ?Y(I.&#
.G.&43#5"a"#;&I(.?4#C/0#/1(.	'XX.&#/&#I.&#R%F1W/CC.(4.L
(/.I.(#/(7.&I./&.(#G(%&I&.'.&#EI..#W'(.F107.G37.%G.&"#
H33C# /&# I.C# V'&I4F1(./G.&# '&I# I%&&# W'(YF:# W'C# >%F1I.&L
:.&# 'C# /1(.# Z/00.6X'&:0.# W'# <.(<36640Q&I/7.&"O# M(# 1/.60# /&&."#
OEF1#G(%'F1.#I/F1)#$31&&j#'&I#/F1#I.&:.#.4#?Q(.#7'0)#?.&&#I'#
G6/.G.40#L#KY(#I/F1)#KY(#C/F1)#KY(#-.&/01"#M4#7/G0#:./&.&#%&I.(.&#
P.7# /&# I.C#/F1# .4# 0'&# :%&&"# R.&:# I%(YG.(# &%F1# '&I# 7/G# C/(#
./&.#;&0?3(0"#EF1#?.(I.#.4#%'K#I/.#./&.#3I.(#%&I.(.#;(0#%:W.XL
0/.(.&"r#
qR'# ?Y(I.40# C/F1# KY(# I%4# ;'44F1&./I.&# <3&# 9%X/.(X'XX.&#
.&04X(.F1.&I#G.W%16.&)#V37.("r#
qR%4# /40# ./&.# a1%&F.# ?3# /F1# G.(./0# G/&# %&W'&.1C.&"OEF1#
I%F10.# I%(YG.(# &%F1"# EF1# ?3660.# I.&# U%7# G.7/&&.&# C./&.&#
=F1(./G0/4F1#%'4W'(Q'C.&#'&I#G/&#&/F10#4.1(#?./0#7.:3CC.&#L#
'C# 93.# W'# 'C4F1(./G.&)# ?.(# 1%G.# 7.I%F10)# I%44# I.(# %60.#
=F1(./G0/4F1# 43# </.6# Z/40# /C# E&&.(&# 7.1%G0# 1%G.&# :J&&0.# f#
iI.(#</.66./F10#?%(#.4#7.(%I.#/F1#'&I#I/.4.(#=X('&7#YG.(#&/F10#
./&C%6#/C#=0%&I.#W'#4./&#C./&.#./7.&.&#=F1&Y(4.&:.6#W'#G/&L
I.&)#?%(#43#K%64F1)#&%F1#%66I.C"#EF1#1%00.#W?./#6..(.#9%X:%(L
03&4# <3&# V/II6.jv4# V%'C# G.:3CC.&# \?.6F1.(# /&# 6.0W0.(# -./0#
4.604%C# 7(Y&# (3F1)# ?/.# K(/4F1.4# Z%(/'%&%# L# '&I# &./&)# /F1# 4%1#
:./&.4_#'&I#0%0#&/F104#%&I.(.4#%64#<3&#./&.C#W'C#%&I.(.&#W'#
40%((.&"# 5/.66./F10# :J&&0.# /F1# C/0# ./&# G/44F1.&# C.1(# -./0# W'L
C/&I.40# I.&# .6.C.&0%(.&# $3G# .(6.I/7.&)# C./&# T.G.&# W'# 4Q'L
!
'%!
G.(&)# G.<3(# /F1# ./&# /(7.&I?/.# '&<3(40.66G%(.4# &.'.4# G.7/&&."#
M4#?%(#.G.&)#I%44#/F1#C/F1#43#<.(K6'F10#0(YG4.6/7#7.KY160#1%G."#
O5.(C'0.)#?/(#40.66.&#I/.#;C04&/.I.(6.7'&7#G/4#W'C#M&I.#I.4#
Z3&%04#W'(YF:)O# 4%70.#/F1"#OPY(I.#I%4#I./&#B.CY0#G.('1/7.&#
fO#M(#6QF1.60."#OM4#/40#&/F10#I%4#H.40.#?3KY(#/F1#7.13KK0#1%00.)#
O%G.(# .4# /40# &/F10# I%4# =F16/CC40.# <3(# I.C# /F1# C/F1# KY(F10.&#
?Y(I.)# G./I.4"# EF1# ?.(I.# .4# %&&.1C.&"# g&I# /F1# I.&:.# ?/(#
G.40.66.&# G.44.()# ?Q1(.&I# ?/(# /CC.(# &3F1# 7.(%I.# %'K(.F10#
4/0W.&"# P/(# G.40.660.&# =0.%:4# '&I# %N.&# I/.4.)# %G.(# G/4# I%1/&#
?%(#C./&#Z'&I#W'#G.0Q'G0#'C#</.6#W'#4F1C.F:.&"#EF1#<.(C'0.#
/F1# 43660.# I%&:G%(# 4./&)# I%44# :./&.(# I%4# 2./C6/F1# Z%&J<.(# %&#
h.I.C#<3&#'&4#%'K7.KY1(0#1%00."#;64#?/(#?.77/&7.&#L#%'K./&%&L
I.(1%60.&I)# G.76./0.0# <3C# Q&7406/F1.&# [.66&.(# \I.(# '&4)# 31&.#
-?./K.6)# &'(# <.(K6'F10# <3&# 1/.(# 1.(%'4G.:3CC.&# ?3660.# G.<3(#
?/(# .0?%4# G(%F1.&_)# .(WQ160.# C/(# V37.(DOM0?%4# %&I.(.4)# I%44#
/F1#/&#I/.4.C#94jF13637/.:'(4#6.(&0.#Lr#
qP/.#4%70.40#I'#&.&&./.#.4#f#R/.#94jF13637/.#I.(#G.4F1QL
I/70.&# =..6.&# fO# H/4# I%1/&# ?%(.&# ?/(# I(%'N.&# '&I# 4./&# B.L
4F1&%00.(# 0(/.G# /&# :6./&.&# ./4/7.&# V%'F1IQCXK.&# K3(0"# OM4# ?%(#
I/.# 94jF13637/.# <3C# C.&4F16/F1.&# =0(.44)# %G.(# I./&.# 7.KQ660#
C/(# 437%(# G.44.("O# V37.(# 1/.60# .&.(7/4F1# ./&# U%e/# %&)# ?.44.&#
]%1(.(#.4#4.1(#G%6I#6./I#0'&#?Y(I.)#I%44#.(#'&4#C/0&%1C"#OZ%&#
4%70#%'F1)#I%44#.4#1/6K0#./&#U%7.G'F1#W'#&.1C.&"r#
q=F1./N.)O# 4%70.# /F1"# OEF1# 1%G.# 4./0# /F1# .6K# ?%(# :./&# U%7.L
G'F1#7.&3CC.&"r#
qP%4# KY(# ./&.# 2J66.)O# 4%70.# .("# O='F1.# &%F1# I/.4.C)# $31&"#
5/.66./F10# 6/.70# .4# &3F1# /(7.&I?3# 1.('C"O# g&I# .(# \V37.(_# 7%G#
.4#/&#./&.C#?./0.(.C#;C3:6%'K#<3&#B.4F1&%00.()#?.6F1.4#&'(#
.&I.0.#%64#.(#4/F1#<3(&YG.(#6.1&0.#'&I#6Q44/7#%'K#4./&.#./7.&.&#
=F1'1.#:30W0.)%'K"#M(#0%0#.4#&3F1#W?./C%6#C.1(#%'K#I.C#P.7#
W'#4./&.C#P31&7.GQ'I.#G./#I.(#W?%&W/740.&#'&I#9%(:#;<.&'.#
=YI)#43#?./0#%'4#I.C#].&40.(#6.1&.&I#?/.#.(#:3&&0.#\?.6F1.4#
&/F10# W'# ?./0# ?%()# 43K.(&# .4# :./&.(# I/.4.(# 96jC3'014# ?%(# ?3#
I/.# 2.F:4F1./G.# &'(# YG.(# I.&# 1%6G.&# P.7# 1.('&0.((3660# '&I#
I3(0# ./&# :6./&.4# 7(/CC/7.4# 7.6G.4# '&I# 4F1?%(W.4# -./F1.&# /40)#
I%4#4%70#HVEa2#>Ea2U#R;=#]M>=UMV#;g]`_#'&I#C/0#I.(#;(0#.4#
/&# I.&# P/&I4F1%00.&# W'# ?.1.&# '&I#6.1&0.# 4/F1# I%&&# C/0# I.C#
4.6G.&# '&G.:YCC.(0.&# ;'4I('F:# %'K# 4./&.C# B.4/F10# W'(YF:"#
g&4.(# ]%1(.()# ./&# >/7.(/%&.(# 3I.(# =3C%6/.(# &%F1# 4./&.C# ;:L
W.&0)#?%(#.&04.0W0"#M(#W37#YG.(#I.&#V%&I40.//&?.7#'&I#?/.4#
'&!
'&4#1/&%'4"#EF1#?%(#G.(./0)#%G.(#V37.(#4%N#K.40"OZ./&#](.'&I)O#
4%70.#.()#O/F1#?Y(I.#%'440./7.&)#?.&&#/F1#6%'K.&#:J&&0."#=./0L
I.C#/F1#&/F10#:%&&)#C'440#I'#'&4#I%1.(#G.KJ(I.(&"r#
qEF1# CJF10.# .'F1# %'4# C./&.C# U%e/# 1.(%'41%G.&)# 7'0.(#
Z%&&"r#
q=3#?./0#/F1#I/(#I/.#2JK6/F1:./0#7.0%%G.#%'4#I.C#].&40.(#
W'#G(.F1.&)O#4%70.#V37.(#C/0#I.C#4.6G.Q44/7.&#'&I#W/.C6/F1#
.(K(.'6/F1.&# ;'4I('F:# %'K# 4./&.C# B.4/F10"# OM4# /40# &/F10# 6./F10#
7.?.4.&)#?.7.&#I.C#P/&:.6)#%G.(#/F1#1%G.#.4#7.0%&"#EF1#I.&L
:.# /&# ./&# X%%(# =.:'&I.&# ?.(I.# /F1# ?/.I.(# G(.F1.&"# ]%664# 4/.#
'&4#1/.(%'4#&/F10#G.KJ(I.(&)#?.(I.#/F1#.4#/&#/1(.C#;4F1.&G.L
F1.(#0'&"O##
H./# V37.(v4# B.GQ'I.# 1%6K# /F1# /1C# /&# I/.# M/&7%&741%66.# '&I#
4%1# /1&# /C# ;'KW'7# C/0# 4./&.C# P31&'&744F16Y44.6# /&# 4./&.(#
2%&I"# R%&&# 4F16Q&7.60.# /F1# C./&.&# P.7# W'(YF:# W'# I.C# U%e/"#
O=/.# G.:3CC.&# ./&# %&I.(.4# U%e/)# Z%&&)O# 4%70.# I.(# ]%1(.("#
O=/.# G.W%16.&# C/F1# .G.&# '&I# G.:3CC.&# ./&# %&I.(.4"# EF1#
CJF10.#4/.#K3676/F1#&/F10#C.1(#G.KJ(I.(&"r#
qM4# /40# G63N# &%F1# =313)O# 4%70.# /F1)# O'&I#/F1# 7.G.# /1&.&# ./&#
1J66/4F1.4# U(/&:7.6I"# MG.&K%664# KY16.# /F1# C/F1# &/F10# W'C# [30L
W.&"O# R%4# ?%(# ./&# G/44F1.&# 7.637.&)# 6./I.(# C'44# /F1# h.0W0"# M(#
&%1C# C/F1# C/0# '&I# <3C# ;'44.1.&# C./&.(# H(/.K0%4F1.# I.&#
&QF140.&#U%7#7%G#/F1#/1C#0%04QF16/F1#./J66.&0(/&:7.6I"#g&I#
/F1#G(%F10.#.4#437%(#W'40%&I.#.4#I/.#U(.XX.#1.(%'K#W'#C%F1.&)#
G.<3(#/F1#G(%F1"#iG76./F1#/F1#./&C%6#G.7%&J(.#/F1#KY(#W/.CL
6/F1#./&#P./6F1.&#&/F10#%'K"#EF1#<.(4F1?%&I#&/F10#I.&#&QF140.&#
U%7#L#.4#?%(#%66.4)#I%44#/F1#0'&#:3&&0.#'C#%'4#I.C#H.00#1.L
(%'4W':3CC.&"# Z./&# [3XK# KY160.# 4/F1# 4F1.'N6/F1)# %'K7.G6Q10"#
EF1#(/.K#'C#I(./#%&#'&I#G.:%C#H/66#B.6G)#I.(#C/(#.(WQ160.)#V3L
7.(# 1Q00.# 4/F1# &3F1# &/F10# 7.W./70"# =./0I.C# 1%G.# /F1# </.6# 7.L
?./&0# '&I# 1%G.# C./40.&4# 4F16%K634.# >QF10.# 7.1%G0)# %G.(# </.6L
6./F10#?%(#V37.(#&/F10#43#K%64F1#L#I/.#./&W/7.&#=0'&I.&)#I/.#/F1#
C/F1# 1%6G?.74# C/F1# 4.6G40# KY16.# 4/&I# I/.h.&/7.&)# I/.# /F1# %'K#
I.C# +# =03F:?.(:# %C# 9%(:# !+8# <.(G(/&7."# V/II6.j# 1%00.# C/F1#
I/.#6.0W0.&#W?./#>QF10.#I/.#UY(.#.&06%&7#C/0#4./&.&#(30.&#=QL
7.4XQ&.&# 1/&%'47.K.70# 7.1%G0"# 5/.66./F10# /40# .0?%4# %&# I.C#
%60.&# I(%&# O.(# ?%(K# 4/F1# 4.6G40# /&# 4./&.# ;(G./0O# [(.XX# YG.(%66"#
=.6G40#I/.4.#U%7.G'F1/I..#KY160#4/F1#(/F10/7#%&"""3G?316#.4#</.6L
6./F10#&'(#I/.#M(6./F10.('&7#/40)#4F16/.N6/F1#C/0#C./&.C#4F1(.F:L
6/F1...643(7.(/4F1.C#V3C%&#K.(0/7#W'#4./&"5/.66./F10#C%F1.#
!
''!
/F1# &%F1# %66I.C# ?./0.("# 53(?Q(04# '&I# %'K?Q(04"""K%664# I%# /(L
7.&I./&# ;'K?Q(04# KY(# C/F1# YG(/7G6./G0"# Z%&&)# /F1# :%&&# &3F1#
/CC.(#&/F10#76%'G.&)#I%44#4/.#7.7%&7.&#/40"#g&I#/F1#1%G.#&3F1#
/CC.(# &/F10# I/.# 23KK&'&7# <.(63(.&)# I%44# 4/.# /1(.&# M&04F16'44#
</.66./F10#Q&I.(0"#
#
#
mmm#
#
#
b*"#ZQ(W#*+,*#
Z("#$31&#O]'(WLR(.F:O#[.&03&#
-.&/01#2%'4#5.(6%7)#2./C#<3&#I.&#M/0.(L=QF:.&#
!+8#[%:%#P.7#=YI#
>.?#@3(:)#>.?#@3(:#*88*A#
#
T/.G.(#]'(WLR(.F:)#
#
76%'G.&# =/.# /F1# 1%G.# =/.# <.(7.44.&# f# Z./&.# V%F1.X6Q&.# ?.(L
I.&# <3(?Q(044F1(./0.&)# :./&.# =3(7.# P;=`# C/(# X%44/.(0# &/F104`#
=/.#'&I#%66#/1(.#OM/0.(4%F:O#B.KQ1(0.&#?.(I.&#G%6I#I.&#-iV>`#
<3&#a;VTi=#KY16.&``EF1#1%G.#I/.#[(QK0.#I.(#2J66.#W'4%CC.&L
7.('K.&"#
#
a%(634#R.0?./66.(#
'&0.(?.74)#g"=";"#
#
9=#L#V/.F140#I'#4F13&#/(7.&I.0?%4#O7(Y&.4O)#2.((#]'(W#L#R(.F:#
[.&03&f#
'(!
53&#$31&#[.&03&v4#U%7.G'F1#
bb"#ZQ(W#*+,*#
#
2%00.# 1.'0.# ./&.&# H(/.K# <3&# a%(634"# EF1# 6%F10.# ?Q1(.&I# /F1#
4F1(/66#4F1(/."#2.(G#93(0.(#:%C#%'K#./&.&#=X('&7#<3(G./)#?3660.#
?/44.&# 3G# /F1# 7.403(G.&# ?%(# 3I.(# ?%4"# EF1# W./70.# .4# /1C"# M(#
6%4#.4#'&I#('&W.60.#&'(#I/.#=0/(&"#M(#?3660.#?/44.&#YG.(#?%4#/F1#
6%F10.#L#&%1C#/F1#I/.4.&#R.0?./66.(#B.KQ1(0.&# .(&40#fOi1)#/F1#
&.1C.#/1&#.(&40"""7.?/N.(C%N.&)O#4%70.#/F1"#OP%('C#W'(#2J66.#
6%F140#I'#I%&&#fr#
qEF1# &.1C.# %&# /F1# C'44# ./&.# <.(W37.&.# 96%&:.# /C# 7(3N.&#
=03F:?.(:#I.4#g&/<.(4'C4#4./&)O#4%70.#/F1#'&I#I%&.(/.0#/F1#
/&#&3F1#?%1&4/&&/7.(.#40Y(C/4F1.#B.6QF10.("#>'+#0/.K#40/(&L
('&W.6&I)#I%44#I/.#T/&/.&#/./&.C#B.4/F10#0/.K.#V/44.#G.:3CL
C.%00.&)#6.70.#2.(G#I.&#H(/.K#%'K#I/.#MF:.#C./&.4#=F1(./GL
0/4F1.4#'&I#G37#I%&&#/&#I/.#UY(JKK&'&7#./&)#%64#?.&&#/F1#?%4#
%'F1# /CC.(# %&40.F:.&I.4# 1Q00."# OEF1# ?./N# &/F10# ?%('C# I'#
&.'.(I/&74# 43# 43&I.(G%(# G/40)O# 4%70.# .()# O%G.(# /F1# ?.(I.# I/(#
h.I.&K%664# ./&# X%%(# 7'0.# V%04F16Q7.# 7.G.&"# 5.(4F1%KK.# I/(#
4.6G40#./&..?/N.&#X.(4J&6/F1.&#=F1'0W"#g&I#K%664#I'#X4jF1L
/%0(/4F1.# 2/6K.# G.&J0/740)# $31&# LO# EF1# 6%F10.# h.0W0# L# G/4# I%1/&#
1%00.# /F1# C/F1# 4.6G40# /&# ./&# 1%6G?.74# L# 1j40.(/4F1.4# U(./G.&#
1/&./&7.%(G./0.0"# 2.(G# 40%((0.# %'K# C/F1# ./&.&# Z3C.&0# 6Q&7.()#
I%&&#:&%660.#.(#I/.#UY(#W'#'&I#7/&7#K3(0"##
B.(%I.#?/.)# ?/(:6/F1)#/F1#C/0#I.C#P./&.&#%G4F163N"# EF1#.(L
?%(0.#1.'0.#%G.&I#W'#V'01#W'#4X(.F1.&"#H./#;'4YG'&7#%66#C./L
&.(# P/66.&4:(%K0# 1%G.# /F1# W'40%&I.# 7.G(%F10# .4# %'KW'4F1/.G.&#
4/.# %&W'('K.&)# h.I.&# U%7# .(?%(0.&I)# I%44# 4/.# C/F1# %&('K.&#
C'44"# g&.(0(Q76/F1.# ;GG/6I.(# <3&# /1(# '&I# I.C# %G4F1.'6/F1.&#
U3Gj# ;&I.(43&# 0%&W.&# 7.C./&4%C# 1.('C# L# I.(# =F1%'X6%0W#
?.6F1.(# /CC.(# ?/.I.(:.1(0# /40# ./&.# 1./N.# H%I.?%&&."# =3# /F1#
?.(I.#4/.#%&('K.&"#=3#</.6#W'(#P/66.&4:(%K0"#]%664#/F1#./&.#VYF:L
%I(.44.#<3&#a%(634#R.0?./66.(#1Q00.)#I.&:.)#?Y(I.#/F1#/1C#./&.#
9340:%(0.# ./&?.(K.&D# OT/.G.(# a%(634# L# EF1# ?./N# %66.4# YG.(# I/.#
-'4%CC.&('K'&7# I.(# 2J66.&:(QK0."# E1(# 7.403(G.&.(# R/.&.()#
]'(W#L#R(.F:#[.&03&"OP%('C#/F1#%66#I/.4.&#Z/40#&/.I.(4F1(./G.)#
3I.(#?%('C#/F1#C/(#./&.&#P.7#I'(F1#I/.#=0%X.6#<3&#%60.&#'&L
.(?/I.(0.&# Z%&'4:(/X0.&# /C# 9340(%'C# &.G.&# V/II6.jv4# 2%'4L
C./40.(#=F1(%&:#G%1&.)#4/&I#G./I.4#B.1./C&/44.#KY(#C/F1"#
!
')!
bp"#ZQ(W#*+,*#
#
Z./&#;&('K#W'#V'01#?%(#./&.#<J66/7.#[%0%40(3X1."#P%('C#43660.#
/F1# 1/.(# 4/0W.&# '&I# YG.(# .4# 4F1(./G.&)# ?.&&# /F1# &/F10# ./&C%6#
YG.(# .4)# 0(30W# I.4# B('&I.4# &%F1I.&:.&# CJF10."# 9.(<.(4/0Q0#
YG.(# 9.(<.(4/0Q0"# P%1(4F1./&6/F1)# /F1# ?./N# L# /F1# 1%G.# ./&.# .0L
?%4#IY40.(.#EI..)#I%44#K%664#/F1#4/.#&/.I.(4F1(./G.)#4/.#./&/7.4#
<3&#/1(.(#Z%F10#YG.(#C/F1#<.(6/.(.&#?/(I"""43#6%44#C/F1#%'K#%66.#
]Q66.# G./F10.&)# %G.(# h.# ?.&/7.()# I.403# G.44.("# 2%G.# /F1# 7.L
4F1(/.G.&)#I%44#/F1#4.1(#6./F10#?./&.#f# EF1#I.&:.#4F13&)#%G.(#
/F1# 1%G.# &/F10# I%4# 2.(W# 'C# ?%1(4F1./&6/F1# W'(YF:W'G6/F:.&#
'&I#W'#4F1%'.&"#;643)#/F1#?./&0."#5/.66./F10#4%70#.4#%66.4"#iI.(#
</.66./F10# %'F1# &/F10"# EF1# <.(C'0.# .4# &/F10"# EF1# 1%G.# I.&# U%7#
<.(G(%F10# L# I/.# 6.0W0.&# W?./# 3I.(# I(./# U%7.)# ?%1(4F1./&6/F1# L#
C/(#4.6G40#W'#.(WQ16.&#/F1#?Y(I.#&/F10#%"_#?./&.&)#3I.(#G"_#4/.#
G.00.6&#W'(YF:W':3CC.&"#EF1#G..&I.0.# F"_#G./I.4#W'#0'&"#EF1#
1%G.# </.6.# 4F1(3KK.# gC:6./I.(%'C# L# B.4X(QF1.# C/0# C/(# 4.6G40#
%C# U1.C%# I.4# =036W.4# YG.(# I/.# 6.0W0.&# X%%(# U%7.# \'&I# C./L
40.&4#4F16%K634.#>QF10._#7.1%G0"#P/.#OMG.&#&%F1I.C#%66.4#?./L
0.(.#7.7%&7.&#/40)#1%0#./&#Z%&./&.&#=036W#G.:3CC.&"O#EF1#
?Y(I.# <3&# I/.4.C# .0?%4# ./&4%C.# H.t'.C6/F10# G.W/.1.&# '&I#
C/(# 4.6G40# %64# 9%'6# >.?C%&# K%&0%4/.(.&# L# I/.# =W.&.# /&# [%60.4#
2%&I76YF:# ?3# .(# /&# 4./&.(# -.66.# &%F1# I.C# U3I# 4./&.(# Z'00.(#
4/0W0)#4./&#H%&h3#4X/.60#'&I#6%'0634#?./&0"#2.(WW.((./N.&I)#%G.(#
F336)#I.K/&/0/<#F336">'&)#C./&#=.6G40G.1.((4F1'&7#I%'.(0.#YG.(#
</.(#Z/&'0.&#%&)#&%F1#I.C#2J(.&#/1(.(#=0/CC.#'&I#./&.#X6J0WL
6/F1.#030%6.#M(/&&.('&7#<3&#V'01#1%G.&I#L#.0?%4#?/.#./&.#/C%L
7/&Q(.#UQ03?/.('&7"#P%4#/F1#4%7.&#?/66#/40)#I%44#/F1#&/F10#?./N#
?/.#<.(:&%660#4/.#?%(#)#G/4#/F1#4/.#4%7.J(0.#O2%663#f#$31&#fO#L#
7.&%'#I/.4.#W?./#P3(0.#L#'&I#1%00.#I/.4.#40.F1.&I.#pl8y#M(/L
&.('&7# <3&# V'01# L# B300)# ?/.# ?Q(.# 4/.# 1/.(# ?.&&# 4/.# 1/.(# ?QL
(.`MG.&#&%F1I.C#%66.4#?./0.(.#7.7%&7.&#/40)#G.:%C#./&#Z%&&#
4./&.&#=036W#f#=%C43%0#</.66./F10#Q1&6/F1.#B.KY16.#YG.(#4./&#
2%%(#7.1%G0"#M7%6)#/F1#?./&0.#'&I#/F1#G.00.60.#'&I#&%F1#./&.(#
:6./&.&# P./6.# ?./&0.# 4/.# '&I# %C# M&I.# C'440.# 4/.# %'K1Q&7.&#
'C#C/F1#634W'?.(I.&"#iI.(#</.66./F10#I.(#?/I.(6/F1.#U3Gj#L#/F1#
1%G.#/1&#&/.#7.1J(0)#%G.(#/F1#G/&#/(7.&I?/.#4/F1.()#I%44#.(#/C#
-/C.(# C/0# /1(# ?%(^# EF1# :3&&0.# G./&%1.# 4./&# 4%'(.4# [J6&/4F1#
P%44.(# (/.F1.&# L# &%1C# I.&# 2J(.(# %'4# /1(.(# 2%&I# '&I# 0%0# /1(#
;'K1Q&7.&# KY(# 4/."# >'&# :3&&0.&# 4/.# /1(.&# T/.G.4(/&7# G.4X(.L
(+!
F1.&# 3I.(# /1(.# $'&/1./(%0# 3I.(# </.66./F10# :3&&0.# .(# &'&# 4./&.#
U(Q&.&#C/0#/1(.&#<.(C/4F1.&"#H/00.(#L#G/00.(#L#/F1#?./N"#;G.(#/F1#
1%G.#4.6G40#.&0I.F:0)#&%F1I.C#=036W#?.7#/40)#G.:%C#./&#Z%&&#
4./&.# 5.(G/00.('&7"M&0I.F:0.# /F1# /(7.&I.0?%4# ?./0.(.4# I/.4.&#
;G.&I#f#$%)#/F1#I.&:.#4F13&"#R%4#.4#<3(G./#/40#L#.(&401%K0#'&I#
:3CX6.00#<3(G./"#P/(I#I/.4.4#C/F1#%'K1%60./.#?/.I.(#%&W'('L
K.&# '&I# C/F1# 4.6G40# ?./0.(# W'# .&0?Y(I/7.&# \K%664# I%4# CJ76/F1#
/40_#f#EF1#?./N#&/F10"#EF1#13KK.#4F13&#L#B300)#/F1#C%F1."#g&I#I%#
7/G0# .4# /CC.(# I/.# ZJ76/F1:./0)# I%44# 4/.# /1(.# U.6.K3&&'CC.(#
Q&I.(0"#EC#]%:0'C)#I.&:.#/F1)#I%44#/40#.G.&#./&.#P%1(4F1./&L
6/F1:./0)#&QF106/F1.#].406/F1:./0..7.G.&">'&#?%4#/40#h.0W0#KY(#
C/F1#I%#f#;(G./0)#/F1#<.(C'0.#L#;(G./0)#;(G./0#'&I#C.1(#;(G./0"#
EF1# G%1&.# C./&.&# P.7# /&# I.&# 637%(j01C/4F1# ./&7.:6.CC0.&#
Z%&'4:(/X0.&# /&# I.C# 9340W/CC.(# L# '&<.(6%&70# ./&7.4%&I0.#
=:(/X0.)# ?.6F1.# &/.# .(?/I.(0# ?'(I.&)# ?.7.&# ./&.4# B('&I.4#
3I.(#%&I.(.C#\/C#B('&I.#1./N0#.4#(/F10/7)#?/.#/&#I.C#R%CXKL
:.44.60Y(4F1/6I)# I%44# ?/(# :./&.# 5.(%&0?3(0'&7# KY(# I.(%(0/7.#
P%/4.&:/&I.(# YG.(&.1C.&_"# EF1# .(?%(0.# ?/(:6/F1# &/F10# I/.#
&QF140.&# H6'C.&# I3(0# /C# R%F17.4F13N# W'# K/&I.&# 3I.(# ./&.&#
['CX.6# $31&# =%'6# 3I.(# V34.C%(j# V37.(4)# %G.(# K%664# V37.(#
K%64F1# YG.(# I%4# 6%7)# 6%7# .(# YG.(# .0?%4# </.6# ?/F10/7.(.4# %66'CL
K%44.&I# (/F10/7# L# I/.# ;(G./0# 1Q60# C/F1# 7./40/7# 7.L
4'&I"=036W"""I%&&# 5.(G/00.('&7"""I%&&# ;(G./0"i1)# K/F:# .4"# EF1#
7.1.#%'4)#:%'K.#C/(#4.6G40#./&.#]6%4F1.#H3'(G3&#'&I#G.:3CC.#
%(4F1# L# G.4F1/44.&# G.0('&:.&"# R%4# /40# $31&# [.&03&)# C%F1.#
=F16'44#'&I#4.1&.#C/F1#I/.#H3CG.#W'#136.&"##
!
(*!
("!
U./6#E5#
#
#
#
#
!
(#!
;'4#V/II6.j#P%6:.(4#U%7.G6Q00.(&#
bp"#p"#,*#
#
>%F1#'&7.KQ1(#W.1&#P3F1.(JN0.(#;'K(.7'&7#L#C/0#I.&#'&L
7.4Y&I.40.%(/%&0.&#L#4F1./&0#%66.4#G./#-.&/01#23'4.#?/.I.(#
/&# I.&# 7.?31&0.&# U(300# W'# K%66.&"# 93(0.(# 4F16./F10#/&# $%F:43&4#
HY(3#'&I#4F1&YKK.60#%C#=/0W#/1(.4#=0'164#?Q1(.&I#I.(#KY&K#Z/L
&'0.&)#I/.#h.I.&#Z3(7.&#W?/4F1.&#*8#'&I#*8"p8#g1(#:3CC.&)#
?.&&# I.(# =/0W# 6..(# /40# \I%4# /40# /&# I/.4.(# 1%6G.&# =0'&I.# h.I.&#
Z3(7.&)#I%#Z4"#$%F:43&#C/0#I.(#537'.#3I.(#=F1J&.(#P31&.&)#
4F1J&.(.(#B%(0.&#%'K#I/.#U3/6.00.#<.(4F1?/&I.0)#?3#4/.#/1(#0Q7L
6/F1.4#B.4F1QK0#<.((/F10.0_"#B.6G#1%0#4./&.#<.(40316.&.&#H.4'L
F1.#/C#V/II6.j#P%6:.(#a%4/&3#?/.I.(#%'K7.&3CC.&#'&I#&%F1#
./&.C# '&G.I%F10.&# ;66.4L3I.(L>/F104L=X/.6# ;&K%&7# I.(# P3F1.#
4F1'6I.0# .(# C/(# &'&# *+b)d8# R366%("# 2.(G# 93(0.(# 1%0# 4/F1# &%F1#
4./&.C#:'(W.&#;'4(%40.(#./&C%6#C.1(#%'K#I.&#=/0W#I.(#7(3N.&#
X36/0/4F1.&# T3:3C30/<.# 7.4F1?'&7.&# <3&# I.(# .(# 76%'G0)# I%44#
&'(#.(#'&0.(#%66#I.&#Z/66/%(I.&#Z.&4F1.&#%'K#I.(#M(I.#4/.#?/(:L
6/F1#K%1(.&#:%&&"#g&I#/F1#1%G.#&%F1#I(./#P3F1.&#-J7.(&)#?Q1L
(.&II.44.&#/F1#K(/.I6/F1#I.&#R(.F:#?.7:.1(0.# '&I#I.4# >%F104#
4F1(/.G# \?.&&# I%4# &/F10# I/.# ?/F10/70'.(/4F140.# '&I# %'K7.G6%L
4.&40.#U%(&'&7#/40)#?%4#I%&&f_#L#I/.4.#=./0.&#?/.I.(#/&#;&7(/KK#
7.&3CC.&"# ;G.(# I.(# 7.?31&0.# U(300# /40# &/F10# 7%&W# I.(4.6G.#
?/.# W'<3()# 40/CC04f# M4# 7/G0# W?./# X(/&W/X/.66.# B(Y&I.# I%KY("#
M/&.(#/40#'&0.&#/&#I.(#2%66.#'&I#./&.(#/40#I/(.:0#1/.(#/&#C./&.C#
2%'4C./40.(:%G'KK"""#3I.(#</.66./F10#%'F1#&'(#/&#C./&.C#[3XK"#
EF1#?Y(I.# ./&.#Z.&7.#I%('C#7.G.&)#W'#?/44.&)#?%4#<3&#G./L
I.C# W'0(/KK0# '&I# G/00.# 76%'G0# C/()# I%44# /F1# I.&# Z'&I# &/F10# W'#
<366# &.1C.# ?.&&#/F1# I%4# 4%7."# R/.# 5.(Q&I.('&7# '&0.&#/&#I.(#
2%66.#/40#&%0Y(6/F1#$31&#[.&03&"#R/.#5.(Q&I.('&7#1/.(#\3I.(#/&#
C./&.C# [3XK_# /40# -.&/01)# I.(# B.C./&.# MK.'"# 2.(G# 93(0.(# 1%0#
&3F1# &/F10# C/0# G.:3CC.&)# I%44# C/0# [.&03&# &/F104# C.1(#
40/CC0"#H/66#B.6G#1%0#.4#G.C.(:0#%G.(#.4#/40#/1C#.7%6"#M4#?%(#
=%&I(%#$%F:43&)#I/.#C/F1#7.40.(&#K(%70.#3G#/F1#?Y440.)#?%('C#
$31&# X6J0W6/F1# G.4F16344.&# 1%0# h.I.4# %60.# Z%&'4:(/X0# /&# I/.4.(#
MF:.#I.4#9340(%'C4)#I/.#/F1#KY(#C/F1#I/.#E&4.6#I.(#<.(7.44.&.&#
V3C%&.#&.&&.)#I'(F1W'7.1.&"#
O>./&#Z%v%C`O#4%70.#/F1"#O[..&.#;1&'&7`O#
OEF1# ?Y&4F10.# .(# ?Y(I.# I%C/0# %'K1J(.&)O# 4%70.# 4/."# =/.# (/44#
/1(.#2%&I0%4F1.#%'K)#403F1.(0.#I%(/.('C#'&I#403F1.(0.#C/0#
($!
./&.C# %K(/:%&/4F1.&# [%CC# /&# /1(.C# 2%%("# OEF1# :%&&# &/F10#
C.1(# (./&7.1.&# 31&.# W'# &/.4.&# G/4# /F1# G6%'# %&6%'K."# ;66.4# /40#
C/0# =0%'G# '&I# I/.4.C# 7('4.6/7.&# -.'7# G.I.F:0)# I%4# (%'4L
:3CC0)# ?.&&# C%&# I/.4.# G/66/7# 7.KY00.(0.&# H(/.K.# %'K(./N0"# R'#
C'440#.4#1%44.&#I%(/&#W'#4./&"O#
O[6%()#4v/4#7%&W#4F1J(%'G/7)#Z/44#$%F:43&"O#
O=F1/F:0#.(#4/.#W'(YF:fO#
OEF1#?..N#&/F1#3G#.(#I%4#C%F10#3I.(#&/F1"O#
OB'0# I'# :YCC.(40# I/F1# I3F1# 'C# I/.# 9340)# 3I.(fO)# K(%70.# 4/.)#
6.70.#/1(.#U%4F1.#?.7#'&I#G(%F10.#./&.&#T/XX.&40/K0#1.(<3("#M/&#
R(.1.&#/1(.(#]/&7.(#6/.N#.0?%4#<3&#I.(#]3(C#'&I#B(JN.#./&.4#
[/&I.(X.&/4v# '&I# I.(# ]%(G.# ./&.(# $Q7.(:%XX.# .(4F1./&.&"# =/.#
0('7#.4#I/F:#'&I#76Q&W.&I#%'K"#EF1#.(1%4F10.#./&.&#T'K0W'7#'&I#
'&<.(C/00.60#?'(I.#C/(#:6%()#?.41%6G#93(0.(#%&#/1(.C#=/0W#40%00#
%&#/1(.C#B.4/F10#4F1&YKK.60."#
O$%)#Z%v%C)#:6%(#C%F1#/F1#I%4"O#
OP.&&# I'# %643# &/F104# 7.4.1.&# 1%40)# ?%4# (%'47.10)# I%&&# 7.10#
%'F1#&/F104#(%'4"#;'F1#7'0"#P.&&#.(#.4#W'(YF:4F1/F:.&#?Y(I.#
CY440.#/F1#C/F1#G./#V37.(#G.4F1?.(.&#'&I#</.66./F10#437%(#./&#
Z.C3#%&#Z("#M&I.(4#4F1/F:.&"O#
=/.#I(.10.#/1(.&#T/XX.&40/K0#(./&)#4.0W0.#I/.#[%XX.#%'K)#403XK0.#
/1&# /&# I.&# (/.4/7.&# K3(C634.&# [3KK.()# I.&# 4/.# /1(# UQ4F1F1.&#
&%&&0.#'&I#X'0W0.#4/F1#./&.&#Z3C.&0"#O[./&.4#<3&#/1&.%00.#
VYF:X3(03#I%G./)#I.41%6G#4/&I#4/.#&3F1#1/.("#M4#/40#&/F10#'&4.(.#
;'K7%G.#4/.#W'(YF:W'4F1/F:.&)#I/.#C./40.I.(#%66.#I%<3&)#.4#
4./#I.&&#.(#0'0#.4#%'K#./7.&.#[340.&"#g&I#I%4#/40#&/F10#T%#$%F:L
43&4#=%F1."O#
OEF1#?Y&4F10.)#.(#?Y(I.#I%4#6%44.&)#437%(#?.&&#.(#4/.#/&#I.&#
ZY66#?/(K0"O)#4%70.#4/.)#&'&#./&.#96%40.I34.#/&#I.(#2%&I)#I/.)#%64#
4/.# 4/.# JKK&.0.)# 9'I.(# '&I# ./&.# <.(KQ(G0.# o'%40.# .&01Y660."#
=%&I(%#$%F:43&#<.(4F1?%&I#/&#./&.(#(34%#P36:.)#I/.#%'K#C/F1#
I/.#76./F1.#P/(:'&7#1%00.)#I/.#4/.#7.(%I.#/&#[.&03&4#HY(3#G.L
:6%70# 1%00."# OM(# 6Q440# '&4# 4F16.F10# %'44.1.&# '&I# I%4# G(%'F10#
:./&.(#<3&#'&4)#<.(I%CC0#&3F1#C%6"O)#C./&0.#4/.#%G4F16/.N.&I#
%'4#/1(.(#P36:.#1.(<3("#
O>./&)#Z%v%CO)#4%70.#/F1#'&I#&/.40."#
O9K6%&W40# I'# Z%(/1'%&%# 1/.(# I(/&# %&)# V/II6.jfO)# K(%70.# 4/."# OM4#
(/.F10#7'0#1/.(#I(/&"O#
O>3)#Z%v%C)#7%&W#4/F1.(#&/F1"O#
!
(%!
Oi1O)# 4%70.# 4/.# '&I# 6.70.# I/.# 9'I.(t'%40.# ?.7"# =/.# G.7%&&#
/1(.# H6'4.# %'KW':&JXK.&# 7.(%I.# %64# /F1# %&7.K%&7.&# 1%00.# W'#
13KK.&)# I%44# /F1# I%<3&:%C"# =/.# 6.70.# 4/.# %G)# .&0G6JN0.# W?./#
:6./&.# 1YG4F1.# P./N.LR%C.&LH(Y40.)# I/.# %'44%1.&# ?/.# '&7.L
G%F:.&.#Z'KK/&4#C/0#h.#./&.(#[/(4F1.#I%(%'K"#=/.# JKK&.0.#/1(.&#
V3F:# '&I# 1/.60# C/00.&I(/&# /&&.)# C./&.# 23KK&'&7# W'# K6/.1.&)#
40/.7#?/.I.("#OP%4#40/CC0#&/F10#C/0#/1C#V/II6.jfO#
O[./&.#;1&'&7)#Z/44#$%F:43&O)#4%70.#/F1)#%G.(#&%0Y(6/F1#?'440.#
/F1# .4# '&I# V37.(# P%I.# ?'440.# .4# %'F1# L# /F1# 1%60.# .4# KY(# '&L
76%'G6/F1)# I%44# P%I.# ./&.&# 436F1.&# V3C%&0/:.(# YG.((.I.&#
:3&&0.#W'#G6./G.&)#%G.(#/(7.&I?/.#1%0#.(#.4#7.0%&"#93(0.(#?./N#
.4#&/F10)#B.6G#/&0.(.44/.(0#.4#&/F10)#$%F:43&#/40#W'#.73W.&0(/4F1#
'C# W'# 4.1.&)# ?%4# <3(# /1(.&# '&4F1./&G%(.&# :6./&.&# P./N.L
R%C.&LU/00.&#X%44/.(0"#=./&#ZQIF1.%0#/1C#C/07.0./60)#I%44#
.(# 7.(%I.# %'4# I.&# U3X# U.&# /1(.4# T.G.&4# 7.K%66.&# ?%("# g&I#
[.&03&# 1%0# %'K# ./&.# P./4.# (.%7/.(0# \C/0# .0?%4# g&0.(40Y0W'&7#
<3&#V37.(#P%I.)#I%4#C'44#C%&#W'7.G.&_#I/.#/F1#KY(#%&40Q&I/7#
'&I# C'0/7# /&# ./&.C# 1%60."# M/&.# ;(0# '&I# P./4.)# ?/.# /F1# 4.6G40#
?%1(4F1./&6/F1# %'F1# (.%7/.(.&# ?Y(I.D# M(# (./N0# 4/F1# I.&# ;(4F1#
KY(# 4./&.&# $3G# %'K"# E1(# V3F:# 1/&7# 'C# /1(.# ]YN.# '&I# 4/.# 40/.7#
1.(%'4"#
OZJF10.40#I'#1.'0.#U('F:.(K%1(.(#'&I#;&1%60.(/X/.6.&)#V/IIL
6.jfO)#K(%70.#4/."#
O[6%()#Z/44#$%F:43&`O)#4%70.#/F1#%64#/1(.#2Q&I.#W'#C./&.(#BY(L
0.64F1&%66.#?%&I.(0.&#'&I#4/.#.(K367634#I%(%.('C#W.((0."#E&#
Z3C.&0.&# ?/.# I/.4.&# 1%G.# /F1# </.(# ]%&0%4/.&)# ?/.# /F1# &/F10#
?/.I.(#I/.4.&#].16.(#C%F1.&#:J&&0."#M/&.#/40)#I%44#/F1#G.I%'L
(.#4%7.&#W'#CY44.&)#I%44#C./&.#=F1?.40.(#R./I(.#C/F1#W'.(40#
7.?/&I.60#1%0#'&I#C/F1)#43G%6I#/F1#I/.#P/&I.6#<366#1%00.)#(%&L
7.6%44.%0"#;1)#=.e#/40#I/.#7(3N.#[3CJI/.)#I%(%/G0v4#:./L
&.&#-?./K.6"#
Oi1)# Z("# U('F:.()# .(# /40# 43# 7(3N# '&I# 1%(0`O)# (/.K# $%F:43&# C/0#
t'/.:.&I.(# [6./&LZQIF1.&L=0/CC.# %'4)# %64# 4/.# C/F1# G.L
7(%G4F10."#g&I)#I%&:#R./I(.#'&I#I.&#P/&I.6&)#?%(#.(#I%4"#
OR%4#/40#C./&#B%&71.G.6)#:6./&.#Z/44#U(%CXv(/&`O)#:&'((0.#/F1"#
g&I#h.0W0#4F1%60#/F1#/&vJF140.&#B%&7`O#
OZ/&I.40.&4# W.1&# Z/&'0.&)# Z("# U('F:# R(/<.(O)# 4%70.# 4/.# '&I#
6.70.#4/F1#1/&)#OEF1#CJF10.#C/&I.40.&4#I(./#'&I#I'#?./N0)#/F1#
G(%'F1.#./&.#P./6."""O#
(&!
=/.#4.'KW0.#?316/7)#%64#/F1#C./&..G.6L=F1%K0#//.#<.(4.&:L
0."#O"""#'C#%'K#V./4.7.4F1?/&I/7:./0#W'#:3CC.&"O##
B.(%I.# G.<3(# ?/(# :%C.&# \4/.# 1%00.# /1(.C# 2%%(# %&# I.(# =X/0W.#
/1(.(#=6/X4#./&#X%%(#7'0.#=0JN.#C/0#I.C#O%K(/:%&/4F1.&#[%CCO#
<.(4.0W0)# G.<3(# 4/.# /1&# /&# I/.# HJ(4.# 40.F:0._# 4F1%'0.# 4/.# 4/F1#
4F1%(K# 'C# '&I# K(%70.# C/F1# &3F1# ./&C%6# 3G#/F1# &/F10# </.66./F10#
I3F1#./&.#:6./&.#a%&&%G/4XK6%&W.#1Q00."#
O>./&)# Z%v%CO)# 4%70.# /F1# L# /F1# ?'440.# 4.1(# ?316)# I%44# .4# -.L
&/01#?%()#I.(#43#(3F1)#7.&%'#?/.#/F1#?./N#I%44#-.&/01#I.(#B.L
C./&.#MK.'#(/.F10)#?/.#:./&#MK.')#I.&#/F1#h.C%64#7.4.1.%G."#
OR.&&#K%664#I3F1O)#4%70.#4/.#O?/66#/F1#C./&.&#U./6"O#
O;G.(#Z/44#$%F:43&`#2%G#E1&#I3F1#4F13v4%70"""O#
OEF1#?./N"#;G.(#I.&:#I(%&)#?.&&#I'#./&.#1%40)#?/66#/F1#C./&.&#
U./6"O#
g&I#I%&/.N#4/.#I%4#U1.C%"#P/.#I/.#R/&7.#43#7.1.&#:%C#4/.#
</.(L#40%00#I(./C%6)#'&I#C/0#.0?%4#B6YF:#1Q60#4/.#.4#./&.#P3F1.#
3I.(#W?./#%'4)#G.<3(#4/.#(./&7.1'4F10#:3CC0#'C#U('F:.(#'&I#
;&1%60.(# 3I.(# $'&7K(%'# '&I# a1%'KK.'(# 3I.(# CJ76/F1.(?./4.#
h'7.&I6/F1.#?./N.#T.:03(/&#'&I#I.(# B(3N.# 4F1?%(W.#2%'4C./L
40.(# W'# 4X/.6.&)# ?3(%'K# %66# I/.4.# =X/.6.# 6.0W0.&# M&I.4#
1/&%'46%'K.&"# ;G.(# .7%6)# ?/(# CY44.&# W'# %&I.(.&# R/&7.&#
:3CC.&)# I/.# &/F104# C/0# I.(# 4F16QK(/7.&# 5.(0(%'01./0# W'# 0'&#
1%G.&)# '&I# I%4# /40# I/.# MK.'L9K6%&W.)# I/.# [.&03&4# V%F1.7J00/&#
7.4F1/F:0# 1%0"# M4# 1%0# C/F1# 4F13&# /CC.(# (%4.&I# 7.C%F10)# I/.#
](%7.# I/.# /F1# G/4# h.0W0# &/F10# G.%&0?3(0.&# :3&&0.# L# </.66./F10#
4F13&#C./&#T.G.%&7#'&I#C./&#M1(7./W#1%0#4/.#%64#'&?/F10/7#
%G7.0%&"# M/&.# ](%7.)# I/.# C/F1# &/F10# C.1(# 43# .(&401%K0# 3I.(#
:3&40%&0)# C/0# 436F1# :6%(.C# E&0.(.44.# '&I# X.(4J&6/F1.C# ;&0./6#
G.4F1QK0/70#1%0)#4./0#/F1#.6K#?%()#4F1Q0W.#/F1"#R/.#](%7.#/40#I/.D#
B/G0# .4# ./&.# '&4/F10G%(.# P.60# 3I.(# &/F10f# =/&I# YG.(4/&&6/F1.#
M(./7&/44.# CJ76/F1# /&# ./&.(# P.60)# ?3# %66.4# 43# X.(K.:0#
%G7.40/CC0# 3I.(# .(:6Q(G%(# /40f# ;66.4)# %'N.(# I.4# T./F1.&0'F1#
<3&# U'(/&"""# '&I# </.66./F10# -.&/01)# R.(# B.C./&.# MK.'"# EF1#
.(?/4F1.# C/F1# 4.6G40)# ?/.# /F1# /CC.(# ?/.I.(# YG.(# I/.# 0/.K.#
53(%1&'&7# &%F1I.&:.)# I/.# C/F1# G.K/.6)# %64# /F1# I.&# [%40.&#
G.(Y1(0."# >./&)# I%44#/40# &/F10# (/F10/7"# P3W'# I%4# %'F1# 7'0# 4./&#
4366)#.4#/40#&/F10#(/F10/7"#R/.#4F16.F10.&#B.KY16.#I/.#/F1#G./#I.C#
R/&7# 1%00.# L# ]'(F10)# ;G4F1.')# ./&# G./&%1# '&GQ&I/7.4# B.KY16#
YG.(# ./&.# :6%(# C%(:/.(0.# B(.&W.# 7.0(.0.&# %'K# ./&.&# ;G7('&I#
7.0(.0.&# W'# 4./&# L# :%C.&# &/F10# <3&# %'N.&"# R/.# [Q60.)# I/.# /F1#
KY160.)# YG.(K/.6# C/F1# &/F10)# 4/.# .(40/F:0.# C/F1# &/F10)# 3I.(#
!
('!
&/F10)#3I.(#?%&I.(0.#C/0#:6./&.&#U%X4.(&#YG.(#C./&#VYF:7(%0"#
R%4# B.KY16# :%C# <3&# /&&.&)# 1.(<3(4X('I.6&I# ?/.# ./&.# o'.66.#
%'4# I.C# H3I.&)# ./&# :%60.4# :6./&.4# V'&I)# /&# I.C# I'# I./&# B.L
4/F10# .(G6/F:40)# 3I.(# I%4# ;&06/0W# I.4# Z3&I.4"# iI.(# G.44.()# .4#
:%C#%'K#I/.#;(0#?/.#]%'6:&.(#4%70)#I%44#I/.#R'&:.61./0#:3CC0#
L# 4/.# KQ660# &/F10# %'4# I.C# 2/CC.6)# 43&I.(&# 4/.# 40./70# %'4# I.(#
U/.K.#%'K"#>'(#I%44#/&#I/.4.C#]%66#I/.#U/.K.#C./&.#./7.&.#=..6.#
W'#4./F1./&0#\?Y(I.#]63jI#4X300.&_"#R3F1#.7%6)#=F16'44#I%L
C/0"#[./&.#B.I%&:.&#C.1(#YG.(#B.KY16.)#RQCXK."""#3I.(#4'GL
h.:0/<.#91Q&3C.&.#?.&&#I'#/C#V.&&.&#G6./G.&#?/6640"#=F1%'.&#
?/(#'&4#6/.G.(#./&#X%%(#1%&IK.40.#]%:0.&#%&"##
M(40.&4D# >%F1I.C# >%F14.1.&# G./# I.&# MK.'./&0(Q7.&# /&# G./L
I.&# B(36/.(v4# '&I# a366/.(v4# M&Wj:63XQI/.)# X6'4# I.&# ]3034# /&#
]63jIv4#a366.7.#H30%&/:G'F1)#G/&#/F1#G.(./0#W'#4%7.&)#I%44#-.L
&/01# &/F10# ?/.# /(7.&I./&.(# <3&# I.&# MK.'4)# I/.# I3(0# %G7.G/6I.0#
4/&I)# %'44/.10"# EF1# C./&.)# .(# 4F1%'0# /&# 7.?/44.(# 2/&4/F10# ?/.#
I/.4.# %'4)# 43# ?/.# ./&# ]3(I# %'44/.10# ?/.# ./&# H'7%00/# L# 4/.# 4/&I#
G./I.# G.W/&G.0(/.G.&.# ]%1(W.'7.# C/0# </.(# B'CC/(./K.&# L# %G.(#
I%4#/40#7.&%'43#&%1.6/.7.&I#?/.#.4#4/F1#.(?./40"#
-?./0.&4D#;'F1#I%4# :6./&.#=F1/6I)#I%44#/&#I.(# M(I.#<3&#-.L
&/01v4#U3XK#40.F:0#/I.&0/K/W/.(0#/1&#%64#OB.C./&.&#MK.')O#I%#7/G0#
.4# C3C.&0%&# &/F104# W'# I.'0.6&"# R%# 7/G0# .4# 7/K0/7.&# MK.'# '&I#
5/(7/&/%#[6.00.(XK6%&W.&#'&I#B(3'&I#MK.'#'&I#H3403&#MK.'#'&I#
h%X%&/4F1.&# MK.'^# .4# 7/G0# .G.&43# .&76/4F1.&# MK.'# '&I# /F1#
&.1C.# %&)# I/.4.(# ?/(I# </.66./F10# B.C./&.(# MK.'# G./# I.&# C./L
40.&# T.'0.&# 7.&%&&0)# %G.(# -.&/01# 4/.10# .1.(# %'4# ?/.# ./&.#
[(.'W'&7#W?/4F1.&#h%X%&/4F1.C#MK.'#'&I#7/K0/7.C#MK.'#%64#?/.#
.&76/4F1.(# MK.'"# [.&03&# ./&.&# 7/K0/7.&# MK.'# W'# 4F1/F:.&# :6/&70#
?/.# .0?%4)# I%4# I/.# B.4F1?Q0W/7.&# %'4# ./&.C# B.KQ1(0.&# ?/.#
a%(634#R.0?./66.(#1.(%'4:/0W.6&#?Y(I.&)#%G.(#/F1#1%G.#/1&#G.L
(Y1(0)# KY160.# 4./&.# H6Q00.(# '&I# V.G.&# '&I# 1%G.# :./&.&#
\2%'0_%'44F16%7"# ;'F1# G/&# /F1# &/F10# /CC'&"# EF1# 1%00.# ./&/7.#
ZJ(I.(KQ66.# <3&# 7/K0/7.C# MK.')# %64# ]63jI# '&I# /F1# $'7.&I6/F1.#
?%(.&"#
R(/00.&4D#P/.#$%F:43%70.)#.4#(/.F10#?/.#[%&&%G/4#H.K(/.I/L
7'&7"#EF1#4F1%'0.#%'K#C./&.C#P.7#1.'0.#&%F10#/&#./&.&#H6'L
C.&6%I./&./&#'&I#(3F1#./&.&#H3403&#MK.'#'&I#./&.jG(/L
I.&\[(.'W'&7_#7.&%&&0#Z%(/3&#MK.'"#[./&.(#(3F1#?/.#Z%(/1'%L
&%"# EF1# K(%70.# I.&# M/7.&0YC.()# 3G# .(# <3&# /(7.&I./&.C# MK.'#
?Y440.)#I.(#?/.#Z%(/1'%&%#(/.F10#'&I#.(#4%70.#&./&#L#.(#4%70.#
((!
I/.#./&W/7.#9K6%&W.)#YG.(#I/.#.(#H.4F1./I#?Y440.)#I/.#4.1(#?/.#
?%F14.&I.4#Z%(/1'%&%#(JF1.#&.&&0#4/F1#K/&40.(.#a36'CG/&."#
5/.(0.&4D# M4# ?QF140# C/0# ./&.(# B.4F1?/&I/7:./0)# ?.6F1.# /F1#
7.(%I.# ./&# G/44F1.&# .(4F1(.F:.&I# K/&I."# EF1# 1%G.# 43(7KQ60/7#
C./&.#?.&/7./&?./4.#W'#I.(#9K6%&W.#/&#I/.4.&#U%7.G6Q00.(&#
YG.(7%&7.&#L#'&I#76%'G.#C/(#?.&&#/F1#4%7.)#I%44#K%664#/F1#7.L
?'440# 1Q00.# ?/.# 4.1(# .4# C./&.# B.I%&:.&# %&&%70)# I%# ?Y(I.#
C.1(#7.?.4../&#L#'&I#1%G.#I%4#]367.&I.#G.C.(:0D#%C#bp#
].G('%()#%64#.(#%&:%C)#76%'G0.#/F1#.(#?Y(I.#1JF140?%1(4F1./&L
6/F1#40.(G.&^#%C#</.(0.&#I/.4.4#Z3&%04#G.C.(:0.#/F1#./&.(#7.L
4Y&I.(.#Q'N.(.#M(4F1./&'&7)#./&.(Q(:.(#?.(I.&I.&#B.('F1)#
</.(#3KK.&.#H6Q00.(#'&I#W?./#?./0.(.#.&0(366.&I)#X6'4#./&.#./&W/L
7.# V%&:.)# ?.6F1.# I.&# \Q'N.(.&_# V%&I# I.4# U3XK.4# .((./F10."#
>'&# 4/&I# I%# G./&%1.# W?./# R'0W.&I# H6Q00.()# G(./0# '&I# I'&:.6L
7(Y&# '&I# 4F16./C/7# %'44.1.&I"# R/.# V%&:.)# ?.6F1.# I.&# V%&I#
I.4#U3XK.4#.((./F10#1%00.)#1%0#&'/F1#4.6G40#%&#I.(#P%&I#%&L
7.1.K0.0#'&I#<.(6Q'K0#G./&%1.#4.F14#-.&0/C.0.(#%'K?Q(04#V/F1L
0'&7# R.F:."# M4# ?Y(I.# K%40# ?/.# ./&.# ]Z# V%I/3%&0.&&.# %'44.L
1.&)# %G7.4.1.&# <3&# I.&# 40(%KK.&# [(/&7.6&# I.(# &.'.&# H6Q00.(#
.&06%&7# 4./&.(# TQ&7."# P./0.(.# V%&:.&# 1%G.&# G.73&&.&# .&0L
6%&7# I.4# V.7%64# W'# :(/.F1.&)# ?3# /F1# I/.# 9K6%&W.# 0%0# '&I# 4/.#
<.(G/&I.&# 4/F1# 4.6G40# /&# I.(# G.40.&# MK.'0(%I/0/3&"# EF1# W37# %&#
./&.(#<3&#I/.4.?F:.(.&#V%&:.&#\C'440.#%'K#C./&.C#'C7.L
?3(K.&.&# 9'0W:YG.6# 40.1.&# 'C# W'# -.&0/01v4# MG.&.# W'# 7.6%&L
7.&_#'&I#.(#:%C"""#%G.(#C/0#YG.((%4F1.&I.C#P/I.(?/66.&"#R/.#
V%&:.&# 1%G.&# 4/F1# 4.6G40# %&# I%4# 1J6W.(&.# V.7%6)# C/0# YG.((%L
4F1.&I.(#R/F101./0)#%&7.1Q&70"#EF1#:3&&0.#I.&#C/&'0.&W.((./L
N.&I.&# [6%&7# 1J(.&# I.&# I/.# V%&:.)# /F1# ?Q160.# C%F10.)# ?.&&#
4/.# B.4.664F1%K0# <3C# 236W# 0./60.# '&I# /F1# :YCC.(0.# C/F1# &/F10#
7(3N#'C#I%4#B.(Q'4F1"#=/.#1/&0.(6/.N#:6./&.#[.(G.&#/&#I.(#]%(L
G."# =/.# 1%0)# /&# I.(# >Q1.# <3&# I.C# U3XK)# ./&.# ./&W/7.# I'&:.6L
G6%'.# H6'C.# .(W.'70# L# &/F10# 4.1(# 4F1J&# 3I.(# G.C.(:.&4?.(0"#
M4#/40#<3&#I.(#=3(0.)#/F1#76%'G.)#.(W.'70#<3&#I.C#UjX#<3&#MK.'#
/C#;667.C./&.&#%64#T%C.66.&#L#YG.(#L#I.C#L#H3I.&#G.W./F1&.0"#
;G.("""#%66#I/.4.4#/&#I(./#P3F1.&f#EF1#1%G.#./&#'&%&7.&.1C.4#
B.KY16#G./#I/.4.(#9K6%&W."#M4#/40#4.1(#/&#I.(#;(0#%64#/F1#.G.&43#
./&K%F1#'&I#'&G.?'440#W'#.4#%64#O/1&O#G.W37)#/F1#I.&:.)#?/.#/&#
4./&.C# '&7.?J1&6/F1.&# P%F140'C4# L# =X'(0"# EF1# I.&:.# /F1#
CJF10.#./&.&#H30%&/40.%G.&#I.(#/1&#G.0(%F10.0"#]63jI#?/(I#
./&.&#:.&&.&"#R%#7/G0#.4#./&.#%&I.(.#=%F1.)#%G.(#/F1#CJF10.#
!
()!
4/.#&/F10#&/.I.(4F1(./G.&"#EF1#I.#\4XQ0.(_#R%4#?%(#C./&.#U%&0%#
i6jCX/%)#%&('K.&I#<3&#H%Gj63&)#;6%G%C%"#Z./&.#Z'00.(#/40#030"#
M4#?%(#4.1(#X6J0W6/F1)#4%70.#4/.#I'(F1#/1(.#U(Q&.&"#M/.(W/&L
K%(:0"# PQ1(.&I# /1(.C# >/F:.(F1.&"# [./&# =F1C.(W)# 4%70.# 4/.#
I'(F1#/1(.#U(Q&.&"#P/.#/(7.&Ih.C%&I#?./N"#i1#=F1./N.)#C./&.#
Z'00.("#EF1#6/.G0.#4/."#U%&0.#i"#4%70.#4/.#1%G.#.4#G./#]63jI#<.(L
4'F10)#%G.(#&/.C%&I#C.6I.0#4/F1)#31#/F1#6/.G0.#4/.)#C./&.#4YN.#
K.00.#7.I'6I/7.#Z'00.()#I/.#</.6#C.1(#4%1#%64#4/.#4%70.#'&I#</.6#
C.1(#?'440.)#%64#4/.#X(./47%G"#i1#/F1#6/.G0.#4/.#'&I#6/.G.#4/."#
gCW37#/40#h.0W0#I%4#H.40."#]63jI#%64#.(40.4)#I%&.(%G(.I'&L
7.&^# ]%C/6/.^# H.7(QG&/4"# i1# Z%C%# /F1# 6/.G.# I/F1"# EF1# 1%G.#
P1/4:.j# 7.1%G0"# -?./# 7(3N.# =F16'F:."# >'&# ?.(I.# /F1# .4#
4F1(./G.&"# R/.4.# 9K6%&W."# -.&/01"# -.&/01# I.(# 7.C./&.# MK.'"#
[%&&# :./&# MK.'# 4./&"# =F1./N"""<.(K6'F10.4# R/&7# /40# K6./4F1K(.4L
4.&I"# EF1# 4%1# W?./# H6Q00.()# I/.# I(./# U%7.# <3(1.(# %'K# ?%(.&)#
1.'0.# W'4%CC.&(3660.&"# R.41%6G# .&0(3660.# /F1# I/.4."# R/.4# /40#
I%)#%64#/F1#%'K#I.C#9'0W:YG.6#I(%'K40%&I)#/1&#G.0(%F10.0."#U30.#
]6/.7.&#/C#E&&.(.&#<3&#./&.C"#P%4#/F1#I%F10.#?%()# ./&.#7(JL
N.&0./64# W.(6.70.# H%Gj4X/&&.# /C# E&&.(.&# I.4# %&I.(.&"# [./&.#
-./0"# EF1# ?.(I.# C/F1# C/0# /1C# ./&# %&I.(.4# Z%6# G.4F1QK0/7.&"#
a1(/40'4# /F1# ?Y&4F10.# /F1# 1Q00.# %'K# P/.I.(4.1.&# W'# C./&.(#
Z%C%# 7.4%70"# H.:%C# /(7.&Ih.C%&I# h.C%64# ./&.# a1%&F.# ;GL
4F1/.I#W'#&.1C.&f#
#
#
53&#I.(#>.?#@3(:#9340)#=./0.#*)#bA#ZQ(W#*+,*D#
5MVVna[UMV#BM>MV;T#=UEVHU#E>#HMBVSH>E=#2iVViV`#
\4X.W/.66#W'#I.(#=0.66._#R/.#<.(C/4F10.&#\40.(G6/F1.&_#nG.((.40.#
<3&#./&.C#Z%&&#'&I#./&.(#](%'#?'(I.&#<3C#H3I.&#%'N.(1%6G#
I.4# [(.C%03(/'C4# <3&# I.&# W?./K.61%K0.&# T./F1.&(.40.&# \T"E"_#
7.40.(&#>%F1C/00%7#.&0I.F:0#'&I#I/.#;4F1.#'&I#[&3F1.&#<3&#
./&.C#W?./0.&#Z%&&)#<3&#I.C#C%L%'G0)#.4#4./#Z%h3(#B.&.L
(%6#;&013&j#V"#2.F:46.(#\/C#V'1.40%&I_)#I.(#<3&#I.(#i%:#a3<.#
-'K6'F10#/C#&J(I6/F1.&#U./6#>.?#@3(:)#bp#U%7.#W'<3(#K631)#?'(L
I.#/C#E&&.(.&#I.4#[(.C%03(/'C3K.&4#4.6G40#.&0I.F:0"#R/.#%&L
I.(.&#W?./#U30.&#?%(..((#'&I#](%'#2'G.(0#R"#T..:403II.()#
M/7.&0YC.(# <3&# I.C# W?./K.61%K0.&# V.40"# ;&3&jC.# o'.66.&# W'#
I.(# g&0.(4'F1'&7# .(WQ160.&# I.(# 9340# 7.40.(&)# I%44# 2.F:46.(#
B.4F1QK0.# C/0# 2.((&# '&I# ](%'# T..:403I.(# ./&/7.# $%1(.# W'<3(#
7.1%G0#1%00.)#'&I#I%44#4/.#%'K#4./&.(#OZ/N7'&40#L#T/40.O#?%(.&"#
)+!
M/&# 936/W./G.%C0.()# 4%70.# %&3&jC)# I%4# I.(# 5.((YF:0.# ./&.#
>%F1(/F10# 1/&0.(6/.4)# I/.# I/.# T..:403I.(4# %64# OiGCQ&&.(cL
K(%'.&#I.(#;&0/F1(/40.&O#'&I#%64#O?%1(.#5.(6/.(.(#%'K#%66.&#=./L
0.&O#/I.&0/K/W/.(0."# R/.#>30/W#?'(I.#W'#I.C#i1(6QXXF1.&#./&.4#
T./F1&%C4# 7.1.K0.0# /C# 6./F1.&W'4%CC.&7.4.0W0.&# V%'C# 7.L
K'&I.&"# O5.(6/.(.(# 3I.(# &/F10)# 4/.# 4/&I# h.0W0# ?/(:6/F1# CY(G.)O#
4%70.# I.(# 936/W/40# T.'0&%&0# V3I&.j# Z%(:46%&I# <3&# I.(# T3&7#
E46%&I#936/W./%G0./6'&7"#T%'0#I.(#9340v4#936/W./t'.66.)#M/&W.61./L
0.&#I%(YG.(#<3&#I.&.&#h.0W0#7.76%'G0#?/(I)#I%4#.4#./&#=.6G40L
C3(I#4./#'&I#R3XX.6CJ(I.(#4/&I#Q'N.(40#CY(G."##
OP/(# I.&:.&# .(# 0J0.0.# I/.# T..:403I.(4# W'.(40# '&I# I%&&#
403XK0.#.(#I/.#[J(X.(#/&#I%4#[(.C%03(/'C)#7(JN0.&0./64)#?./6#.4#
/40# W'# 4F1(.F:6/F1# W'# 76%'G.&)# .(# :J&&0.# I/.4.# 1/&./&7.403XK0#
1%G.&)# ?Q1(.&I# 4/.# &3F1# 6.G0.&)O# 4%70.# I/.# o'.66."# O;G.(# I%#
7/G0#.4#&/F10#</.6#-?./K.6#I%(YG.()#?%4#.(#I%&�%0#L#(.F10.#/1(.#
;4F1.#1.(%'4)#I(.10.#I%4#B%4#%'K)#:(3F1#//F1#4.6G40#L#.G.&L
43# I/.# U.CX.(%0'(# C'44# 4.1(# 13F1# 7.?.4.&# 4./&# L# '&I#
4F1&/XX0.# 4./&# H/F"# 933K`# p888# B(%I# 96%0W1/0W."# R/.# RY4.&# 63L
I.(0.&# &3F1# /CC.()# %64# I/.# ].'.(C.6I.(# /&# I.C# 2%'4# 7.7.&L
YG.(#I.(#=0(%N.#%'47/&7.&#'&I#I/.#=F1?/.7.(03F10.(#I.(#T..:L
403I.(4# :%C# 'C# W'# 4.1.&# ?%4# 634# ?%("OM4# ?%(# &/F10# ./&# H/F#
].'.(W.'7#I%4#I.(#<.((YF:0.#B.&.(%6#./7.&06/F1#4F1&/XX0.)#%G.(#
./&# X6%0/&# L# G.4F1/F10.0.4# -/XX3# C/0# I.C# 2..(4jCG36# I%(%'K#
'&I# ]nV# Ui>@# 5i># RigBcA# ;gB")# *+!d# ./&7(%</.(0"# R.(#
OR3'7O#%'K#I./&7.?/.4.&#?/(I)#1Q60#C%&#KY(#2.F:46.(v4#.&L
7.&#](.'&I#B.&.(%6#R3'76%4#Z%F;(01'("OM4#?%(#./4.(&.(#2%44)#
7%&W# 7.&%')O# G.:%&&0.# 4/F1# I/.# 9340v4# o'.66.)# 1/&W'KY7.&I#
I%44#/C#-'4%0W#W'#I.C#].'.(W.'7#='F1.(#./&.#;&W%16#<3&#B.L
7.&40Q&I.&#/&C/00.&#I.(#:&3F1.&#L7.4X(.&:.60.&#[6'CX.&#<3&#
;4F1.#/&#I.C#U3I.43K.&#K%&I.&#)#I/.#:3&:(.0#W'#2.F:46.(#7.L
1J(.&I# /I.&0/K/W/.(0# ?'(I.&"# iG76./F1# .(# %G6.1&0.# %66.# I/.4.#
B.7.&40Q&I.# W'# G.&.&&.&)# .&01Y660.# '&4.(.# .e:6'4/<.# o'.66.#
I.(#9340)#I%44#W?./#<3&#I/.4.ˠI/CX6%&0/.(0.#-Q1&.#/C#;&L
4F16'44#%&#I.&#-?./0.&#P.60:(/.7#?%(.&"#2.F1:46.(#?'(I.#:'(W#
<3&# I.&# R.'04F1.&# ?Q1(.&I# ./&.(# /&0.66/7.&0.&# iX.(%0/3&# /C#
>3<.CG.(# *+!!# 7.K%&7.&7.&3CC.&# '&I# W?./# 4./&.(# -Q1&.#
?'(I.&#?Q1(.&I#4./&.C#5.(1J(#7.W37.&"#M4#?%(#I.(#M(4%0W#KY(#
I/.4.#W?./#-Q1&.)#?.6F1.#M(C/006.(#/&#I.C#[(.C%03(/'C13F13L
K.&#K%&I.&)#6%'0#9340v4#o'.66."#H.(/F10.0.#=03(/.4D#>.?#@3(:.(4#
!
)*!
.(6./F10.(0.4#%'K%0C.&#\!_^#]%(G.&K(31.#[%((/.(.#<3C#./4.(&.&#
L#2%44.(#2.F:46.(#%GG.('K.&#\a.&0.(K36I_"##
#
5i># RM># UMTMBV;ZZM># 5iZ# ME=MV>M># L# 2;==MV#
2Ma[=TMVz2.(%'47.G.(&30/WD# R/.4.# U.6.7(%CC.# 4/&I# /&# ./&.(#
;&W%16# <3&# 6..(.&# =# k# 2# 7(Y&.&# Z%(:.&GYF1.(&)# ?.6F1.# I.(#
B.&.(%6# 3KK.&G%(# %&# 4./&.(# 9.(43&# I/.# 7%&W.# -./0# K3(04.0WL
0.)<.(K%N0"{#b+#ZQ(W#,*#*++8#=0'&I.&#T%7.#:6%44/K/W/.(0#iX.(%L
0/3&# 2./N.# ]Y44.# .(K367(./F1# %G7.4F16344.&"# -?./# ?./0.(.# iGL
CQ&&.(# I.(# ;&0/F1(/40.&# .(K367(./F1)# W'# I.(# 2J66.# <3&# I.(# 4/.#
:3CC.&)#%G7.4%&I0"#;'F1#./&.&#=F1&3((.("#M&04F1'6I/7'&7#/F1#
1%00.# I%4# ].'.(W.'7# %'K7.G.&# CY44.&"# =F1C.(W0# 4.6G40# ./&.#
Z.&7.)# %G.(# 3:%j"# [%&&# =F1C.(W# .(0(%7.&"# [3&&0.# /CC.("#
2;``-./0'&7.&# 4%7.&# /F1# G/&# 030"# 5.(G(%&&0.# g&/K3(C"# 2/&0.(#
K./&I6/F1.&#T/&/.&"#=F1/.N.#K%664#/F1#K.404/0W."#P.(I.#<3(1.(#I3(0#
7.?.4../&)#2;``#B.1.&#C%F10#WQ1"#-Q1#C%F10#7.1.&"#=0%:L
:.# &/.# G./# </.(0.&4# &/.I.("# Z'44# C/F1# /&# =0%I0# ./&4F16./F1.&"#
H.40/CC0.(# $'I.# W?./K.6634# ./&7.66'660# <3&# H.(/F10.&# C./&.4#
U3I.4"# P%F1.# %G?Q(04"# P/66# iX.(%0/3&# HYF1.(?'(C# :3CC.&L
I.4#P3F1.&.&I.#G.7/&&.&"#;X(/6#>%((#W'C#G.40/CC0.&#$'I.&)#
2;``#2%G.#./&.&#U(%'C#7.1%G0"#E(7.&h.C%&I#&%C.&4#a;VTi=#
4'F10#&%F1#C/("#H.%G4/F10/70#C./&.C#V'K#W'#4F1%I.&#f#$%#/F1#
76%'G.#4F13&"#a;VTi=|X/:%&0.(#>%C."#9/:%&0.#4/&I#<.(I%CC0#
7'0.# [QCXK.("# 5.(4F16%7.&"# =0%I0# <366# <3&# C3&7363/I.&# L#
C.1(4X(%F1/7.&# V%'KG36I.&"# =F16/CC.(# %64# h.C%64"# T'K0# <366#
<3&# 1/(&# L# 0J0.&I.&# nG.(0(%7'&7.&"# B/G0# .4# I%# ./&.&# U.((3(/L
40.&# &%C.&4# a;VTi=# f# M7%6"# -.&/01# 23'4.# C./&# iGh.:0"#
M/&4F16.'N.&# %C# P3F1.&.&I."# UJ0.# G.40/CC0.&# $'I.&"# UJ0.#
7%&W.4# 9.(43&%6# K%664# \936/W./_%'K7.G30"# UJ0.# a;VTi=# K%664#
a;VTi=# 0%04QF16/F1# .e/40/.(0"# ;66.# iGCQ&&.(# I.(# ;&0/F1(/40.&"#
EF1#?.(I.#/C#=0%&I.#4./&#YG.(#;&0/F1(/40#k#%&I.(.#R/&7.#G.4L
4.(# &%F1W'I.&:.&)# &%F1I.C# /F1# ./&/7.# C.I"# -QXKF1.&# G.L
:3CC."#
)"!
M/&#Z.C3#<3%(6#
R%0'CD#p8"p",*#
;&D#V37.(#P%I.)#a1.K(.I%:0.'()#-.&/01#23'4.#
H.0(.KKD#R(./#HYF1.(``#
#
R.(# B('&I4%0W# <3&# =F1?.(:(%K0``# V37`# 2J(# W')# 9'XX.)# /F1#
C%F10.# 6.0W0.&# ](./0%7# ./&# U(.KK.&# C/0# U.IIj# B(%'40%(:)# I.C#
<.(%&0?3(06/F1.&# ;X.e# 5/W.X(Q4/I.&0.&# <3&# 9(/&0C.I/.&"#
2%'X001.C%#?%(.&#Z%7%W/&.D#2./N.#P.(:W.'7.)# (31.#-j:6.&)#
R(/00.# P.60# =J6I&.()# I./&.# =F1?%&7.(4F1%K0# '&I# 4F1?/.6/7.#
H%G/.4"#P/(#6/.4.&#%66.#K%66.&)#%'N.(#KY(#R(/00.#P.60#=J6I&.(#'&I#
I./&.# =F1?%&7.(4F1%K0"# B.7.&40%&I# <3&# -.&/01# 23'4.# :%C#
%'F1# %'K"# EF1# :%'K.# I/(# ./&# G/44F1.&# C.1(# -./0)# 9'XX.)# %G.(#
<.(7/.4#I%4#$%1()#I%44#/F1#I/(#<.(4X(%F1#\?.6F1.4#W'#&.'&#Z3L
&%0.&# %G?Q(04# 4./&# ?Y(I.)# h.I.&K%664# CJF10.40# I'# ./&.&# 53(L
4F1'44# W'# I./&.(# =F1?%&7.(4F1%K0# f# L# =F1.(W_"B(%'40%(:# ?/66#
I/(#G/4#p8#$'&/#7.G.&# C/0#I(./#\p_#HYF1.(&#%'KW':(.'0W.&)#I/.#
I'# 7%(%&0/.(0# 7300<.(I%CC0# /&# I.&# Z/00.6X'&:0# I.(# >.?# @3(:#
U/C.4#H.404.66.(6/40.ƓN.&#?/(40"#]%664#I'#I%4#:%&&40)#I.&:.#
/F1)#?/(I#I./&#$3G#</.66./F10#G/4#=3CC.(#*+,b#4/F1.(#4./&"#]%664#
4/.# H.404.66.(# ?.(I.&)# ?/(I# .(# G/4# Z/00.# I.4# $%1(W.1&04# 3I.(#
437%(#6Q&7.(#4/F1.(#4./&"#]%664#I'#I%4#&/F10#0'40#'&I#I/.#-.&/01#
iX.(%0/3&# 7.10# I.&# P.7# <3&# 1./N.# P.(:W.'7.# '&I# (31.# -jL
:6.&#M&I.#i:03G.()#G/40#I'#</.66./F10#YG.(#I/.4#%&7.X/440)#V37.(#
L# 9'XX.)# %G.(# B(%'40%(:# 4F16'7# C/F1# C/0# 4./&.(# 5.(4/3&# <3C#
B.4.0W#I.(#=F1?.(:(%K0)#?.6F1.#C/F1#%64#P;2V#P;2V#P;2V`#
G.40(./:0)# &/.I.(D# =a2ME==M# ViTTU# HMVB;H`# R%4# /40# .4#/&# ./L
&.(# >'444F1%6."# g&I# .G.&# 43# 7.4%70)# .4# /40# ?%1("# R/.4.(# G.L
43&I.(.# =F1./NG%66# G.7%&&# C/0# I.(# >'CC.(# *# ;X.e# 40%(:.(#
a1.K#k#[3XK4F1Q(K.()#=1.(?j&#V.IG3&.)#(3660.#I%&&#%G?Q(04#W'#
C/("# EF1# (366.# /1&# 1/&'&0.(# W'# I/()# V37# '&I# /F1# &.1C.# %&# I'#
?/(40# /1&# ?./0.((366.&# W'# I./&.C# V.I%:0/3&4X.(43&%6)# ?.6F1.4#
</.66./F10# /&# I.(# T%7.# 4./&# ?/(I# /1&# W'# 403XX.&)# G.<3(# .(# I.&#
7%&W.&#P.7#1/&'&0.(#W'C#]'N.#I.4#2Y7.64#7.6%&70"##
]%664#=/.#/1&#&/F10#403XX.&#:J&&.&)#I./&#G.1%76/F1.4#:6./&.4#
2./C#%C#]'44.#I.4)#7.&%&&0)#2Y7.64#?/(I#'&0.(#./&.C#(/.4/7.&#
k# 40/&:.&I.&# =F1./NG%66# G.7(%G.&# 4./&"# gC# W'# (.:%X/0'6/.(.&#
\I%4#/40#&/F10#I%4#./&.)#I%4#YG.(6.G.&#C./&0)#3I.(#I3F1#f_)#1/.(#
/40# I./&.# Z/44/3&)# 43660.40# I'# G.4F16/.N.&# .4# W'# %:W.X0/.(.&#
\=F1.(W_"#
R(./#
\p_#
HYF1.()#
?.6F1.#
I'#
7%(%&0/.(40#
7300<.(I%CC0.# H.404.66.(# W'# 4./&)# 7.6/.K.(0# %C# p8# $'&/"# ;66.#
!
)#!
I%CC0.#H.404.66.(#W'#4./&)#7.6/.K.(0#%C#p8#$'&/"#;66.#I(./#CY4L
4.&# ./&.&# U(.KK.(# /&# I.(# U/C.4# T/40.# .(W/.6.&)# ?%4# G.I.'0.0)#
I%44# I'# I/.4.# G.44.(# 43# G%6I# ?/.# CJ76/F1# /&# 9(3I':0/3&# G.L
:3CC40"#M&04F1'6I/7.#YG.(#I%4#1.0W.&#L#1.0W.&)#9'XX.)#h.I3F1#
'C# I.&# 53(4/0W.&I.&# <3&# I.(# HY1&.# \](%&:# =/&%0(%)# &/F10#
2.((&# V.IG3&._# W'# W/0/.(.&)# O=3# /40# I%4# T.G.&)# I%4# /40# ?/.# .4#
6Q'K0"O#
R./&)2%(6#
M&I.(4a3CX0(366.()#;X.e#
#
#
mmm#
#
53C#HY(3#I.4#2.(%'47.G.(4#
;&D#$31&#[.&03&)#2.(G#93(0.()#H/66#B.6G)#=%&I(%#$%F:43&#
R;UgZD#p8"p",*#
>;a2VEa2UD# i:%j)# K'(F10634.# V.%I%:0/3&)# I.(# H%663&# /40# 1/L
&%'K7.40/.7.&"# R'# ?/(40# I%4# %&7.1.K0.0.# 2%(63?# M&I.(4# Z./L
40.(?.(:#KY(#I/F1#4.6G40#6.4.&#?366.&)#%G.(#I/.#2.(%'4K3(I.('&7#
I/.# ?/(# 7.7.G.&# 1%G.&# /40# :6%(D# I(./# U%4F1.&GYF1.(# %'K# I/.#
U/C.4# T/40.# W'# 4.0W.&)# ?3# :./&# -.&/01# 23'4.# 9(3I':0# h.C%64#
<3(1.(#1/&7.7%&7.&#/40)#%C#3I.(#G.<3(#p*#R.W.CG.("# R%4#/40#
%G4'(I)# 4/F1.(# L# ?/.# /(7.&Ih.C%&I.&# 1.(%'4K3(I.(&I# Z3'&0#
M<.(40# /&# H.(C'I%# =13(04# '&I# U.&&/44F1'1.&# W'# G.40./7.&# L#
%G.(# I%4# Q&I.(0# &/F104"# V.I%:0/3&40(.KK.&# 4XQ0.(# 1.'0.)# ?/.#
/CC.()#%G.(#W'(#-./0#?Q(.#.4#C/(#/C#=F1(./G./.G.(D#2%0#\/(L
7.&I_./&.\(_#<3&# .'F1# ./&#H'F1#<3&#I.C# .(#YG.(6.70#H.404.6L
6.(C%0.(/%6# W'# 4./&# f# EF1# CJF10.# Z.C34# W'# Z/00%7"# Z.C34)#
G/00.)# :./&.# U.6.K3&%0."# 53&# h.0W0# G/4# W'C# M&I.)# CJF10.# /F1#
[3X/.&#<3&#%66.C#?%4#?/(#C%F1.&"#]%664#&/F104#?./0.(.4)#CJF1L
0.# /F1# </.66./F10# ./&# 7(3N.4# HY&I.6# 9%X/.(# 'C# h.C%&I.4# ;(4F1#
W'#W'403XK.&"#
#
V37.(#
)$!
H#Y#(#3#/#�#.#(#&#.#4##Z#.#C#3#
;&D#V37.(#
5i>D#H/66#B.6G#
H.0(.KKD#ZJ76/F1.#H.404.66.(#fff#
#
R'#C%F140#=F1.(W.)#4.6G40<.(40Q&I6/F1"#R/.4#/40#./&#P%1&4/&&"#
EF1# 1%G.# ./&.&# &.'.&# Z3(0# @.%7.(# \.(# 4F1(/.G# .4# /&# I.(# B.L
KQ&7&/4GYF1.(./#L#;00/F%_#'&I#.4#/40#<.(JKK.&06/F1G%()#&%F1I.C#
?/(# I/.# H.40/%6/0Q0# 1.(%'4&.1C.&# \1%6G?.74# I'(F1# I%4# H'F1)#
/F1#4F1./N.#I/F1#G./#I/.4.C#&/F10#%&)#I.(#=F1'(:.#1%0#=.e#C/0#
4./&.(#2%'4:%0W._)#%G.(#I%4#/40#YG.(#.4"#P/(#C%F10.&#.G.&K%664#
M(K367# I/.# V.F10.# 'C# T.4G3# R(%F'6%# (3C%&%(0/7# W'# C%F1.&#
\4/.1.# H.G/6I.('&7# /&# I/.4.(# Z3&%04# ;'47%G.# <3&# =F1?/.6/7.#
H%G/.4_)# %G.(# h.0W0# 4F1./&.&# I%# ./&/7.# ](%7.&# W'# 4./&# K%664# .4#
/(7.&I?3)# %'N.(# I.&# 93(&1Q'4.(&)# <.(JKK.&06/F10# 4./&# ?/(I"#
;&I.(&K%664)#I/.#U%K.6#/40#.&0G6JN0"#
#
H"B"#
#
9"="# R/.4.4# Z.C3# <3&# M&I.(4# /40# ./&# =F1.(W)# 3I.(# &/F10# f# M/&#
7(%'4%C.(#=F1.(W"#
#
9"9"="#P%&&#:3CC0#V/II6.j#W'(YF:#<3&#;6%G%C%f#
#
#
mmm#
#
##
H#Y#(#3#/#�#.#(#&#.#4##Z#.#C#3#
;&D#V37.(#
5i>D#2.(G#93(0.(#
H.0(.KKD#ZJ76/F1.#H.404.66.(#
#
R/.# EI..# <3&# I/.4.C# X6%0WX(3I'W/.(.&I.&# ./&.&# H.404.66.()#
7.4F1?./7.#I.&&#I(./)#/40#6QF1.(6/F1"#2%G.#/F1#I%4#7.4%70)#/F1#
1%G.#./&.#<.((YF:0.# EI..#'&I#I'#:%&&40#4/.#&/.I.(4F1C.00.(&#
?.&&#I'#CJF10.40)#%G.(#1/.(#/40#4/."#T%44#'&4#i6/<.#H%(:.(#G.L
:3CC.&#L#&3F1#/CC.(#'&4.(#G.40.(#B1340?(/0.()#C./&.(#Z./L
&'&7#&%F1#L#'C#./&.#(%4F1.#H/3#<3C#M/4.(&.&#L#2%44.(#2.F:4L
6.(# W'# 4F1(./G.&)# :3&W.&0(/.(.&I# %'K# 4./&# K/&%6.4# PY0.&"# $.0W0#
!
)%!
I%#I.(#[.(6#030#/40)#1%G.&#?/(#I/.#7%&W.#B.4F1/F10.#G.:3CC.&#
L# ;&K%&7)# C/006.(.(# U./6)# G(.&&.&I.(# 2J1.X'&:0"# EF1# :J&&0.#
437%(#/&#./&#[%X/0.6)#YG.(#I%4#?%4#1/.(#<3(#4/F1#7/&7)#G./40.'.L
(.&)#</.66./F10#.4#./&#G/44F1.&#%G4F1JXK.&"#P%4#I.&:40#I'f#
#
2.(G#
#
9"="#EF1#I.&:.#I'#43660.40#M&I.(4#W'(#=0(.F:.#G(/&7.&#'&I#/1&#
0J0.&# ?./6# .(# I/F1# %64# O9'XX.O# G.('K0"# =F16.F10.# >.'/7:./0# /40#
4F16.F10#7.&'7"#R.(#Z%&&#/40#7J&&.(1%K0"#
#
9"9"="# 2%0# /(7.&Ih.C%&I# <3&# '&4.(.C# 9340W/CC.(# L# '&I#
2%'4C./40.(C/0%(G./0.(# 7.1J(0# f# V/II6.j)# /&# %&I.(.&# P3(0.&"#
B/&7#1.'0.#G./#4./&.C#V%'C#<3(G./"E(7.&I.0?%4#I3(0#I(/&&.&#
(/.F10#?/(:6/F1#7'0"#53&#I.(#;(0#?/.#1./N.(#U3%40#'&I#Z%(C.6%L
I."#
#
#
mmm#
#
#
H#Y#(#3#/#�#.#(#&#.#4##Z#.#C#3#
;&D#V37.(#P%I.#
5i>D#=;>RV;#$;a[=i>#
H.0(.KKD#5366:3CC.&#I'CC.(#P'&4F1#
#
V37.(# \3I.(# 43660.# /F1# I/F1# O9'XX.O# &.&&.&# f_)# -.&/01# 23'4.#
1%0#&/.\C%64_#./&.&#H.404.66.(#<.(JKK.&06/F10#'&I#PEVR#&/.#./L
&.&#H.404.66.(#<.(JKK.&06/F1.&"#;G.(#/F1#UgM#./&.#W/.C6/F1#<.(L
(YF:0.# EI..# 1%G.&"# M4# 1%0# W'# 0'&# C/0# ;&013&j# T"[# T%=F3(G/%)#
'&4.(.C# .:.61%K0.&# [(.%0'(.&# <3&# I.(# 2J66.# =F1(./G.("# T.'0.#
1%G.&#%'7.&4F1./&6/F1#U3&j#P/0W.#7.4%&I0"#-'C#H./4X/.6D#OP/.#
G.W./F1&.0# C%&# d# Z/66/3&.&# C%(4F1/.(.&I.# G(%4/6/%&/4F1.# ].'L
.(%C./4.&# fO# ;&0?3(0D# Z/00%74W./0#/&# V/3"# iI.(D# OP/.</.6.# H%L
G/.4# G(%'F10# .4# 'C# ./&.# Z.'0.# ?/6I.(# =:3(X/3&.# W'K(/.I.&W'L
40.66.&#fO#;&0?3(0D#P/.</.6.#1%40#I'#G.:3CC.&f#R/.4#?/(I#I/F1#
</.66./F10#&/F10#76YF:6/F1#4F16%7.&)#%G.(#/F1#6%F10.#C./&.&#-/7%L
(.00.&40'CC.6# (%'4# '&I# C.1(.(.# T.'0.# 1%G.&# .G.&K%664# 7.L
6%F10# \./&/7.# 7.7.&# /1(.&# P/66.&)# <3C# ;'4I('F:# %'K# /1(.&# B.L
4/F10.(&#W'#4F16/.4.&_"#P%('C#6Q440#I'#/1&#&/F10#63F:.(#%&#I/.L
)&!
4.4#(%&#f#M4#:%&&#&/F10#4F1%I.&"#M(#CJF10.#.4#=F1.(W.#<3&#I.(#
2J66.# &.&&.&"# M(# G.40.10# I%(%'K)# I%44# .4# ./&.# &.'.# ;(0# <3&#
P/0W#/40)#.(#&.&&0#.4#I.&#O[(%&:.&#=F1.(W"OP%4#I.&:40#I'f#
#
=%&I/#
#
9"="#P%&&#:3CC0#V/II6.j#W'(YF:#f#Z./	%X/.(:3(G#t'/660#<366L
:3CC.&#YG.(#`#EF1#40.F:0.#1.'0.#:'(W#C./&.&#[3XK#/./&.&#
V%'C#'&I#?./N0#I'#?%4#f#M4#(3F1#7'0"#E&#I.(#;(0#?/.#I/.#[YF1.#
C./&.(#B(3NC'00.(#7.G(Q'F16/F1#(/.F10)#?.&/.#[.:4.#G%F:L
0."#5/.66./F10#1%G.#/F1#.4#<.(63(.&"#
#
#
mmm#
#
H#Y#(#3#/#�#.#(#&#.#4##Z#.#C#3#
;&D#V37.(#
5i>D#$31&#
H.0(.KKD#B./40.4:(%&:.#]3(I.('&7#
H.0(.KKD#V.%:0/3&.&#<3&#H/66)#2.(G#'&I#=%&I(%#
#
2.(G# 4%70.# .4# %C# H.40.&)# 9'XX.# L# I/.# EI..# /40# 6QF1.(6/F1"#
>/F104I.403?.&/7.()# /F1# G6./G.# G./# C./&.(# ;(0# I/.# %60.&# Z%&'L
4:(/X0.#I'(F1W'%(G./0.&"#>/F104#.(4F16/.N0#4/F1#43#?./0#'&I#/F1#
G/&#W'#I..0W0.&#W?./#V.7%6.&#<3(7.I('&7.&"#]%664#.4#&/F104#
?./0.(.4# 7/G0)# :J&&.&# ?/(# %66.# %(G./04634# ?./0.(C%F1.&)# ?/4L
4.&I#I%44#I%4#9340W/CC.(#KY(#I/.#&QF140.#]/(C%)#I/.#./&W/.10)#
4%'G.(#/40"#2%G.#/F1#I%4#.(?Q1&0)#6%44#C/F1#I/(#.(WQ16.&)#I%44#
/F1#C/F1#G.I(YF:0#KY16.#\C.1(#%64#7.?J1&6/F1)#I%4#/40_#'C#W'#
G.7(./K.&)# I%44# /F1# C/F1# 4.6G40)# W'4%CC.&# C/0# H/66)# W?/4F1.&#
I.&#-/.7.&#%&40%00#I.&#=F1%K./&W'WQ16.&#C'44"#EF1#76%'G.)#
W'C/&I.40#2.(G#'&I#=%&I(%#:(.'W0.&#%'K#C/0#EI..&)#?%(.&#I%4#
&/F10#4/.#f#P%4#C/F1#W'C#?%1(.&#-?.F:#I/.4.4#Z.C34#<.(%&L
6%440."#R'#G/40#I.(#H3N)#&/F10#/F1)#%G.(#/F1#I.&:.#437%(#G./I.#
EI..%G..(I/.&40"#M/&#H'F1#YG.(#I.&#B.&.(%6#?Y(I.#4/F1#
<.(:%'K.&)# G.43&I.(4# K%664# ?/(# .4# ?/(:6/F1# 1.(%'4G(/&7.&"# EF1#
?./N#?/(#1%G.&#&/F10#I/.#]Q1/7:./0#./&#OZ3C.&0#H'F1O#?/.#I%4#
./&.)# ?.6F1.4# 4/F1# %&# I.(# ](./7%G.# I.(# P%0.(7%0.# HQ&I.(# %&L
4F16344)# W'# X(3I'W/.(.&)# %G.(# i6/<.# :J&&0.# 4F1&.66# %(G./0.&)#
/&4G.43&I.(.# ?.&&# 2.(G# %&# /1C# C/0# /1(# %(G./0.0."# EF1# G/&# 4/L
!
)'!
F1.()#.(#?Y(I.#4/F1#4.6G40#./&.#0(%7.&I.#V36.#7.G.&)#%G.(#43L
7%(# I%4# ?/(:0# </.66./F10"# R/.# P/0W# L# H'F1# EI..# /40# C.1(# <.(L
4F1?3CC.&)# %G.(# /F1# C'44# I/(# .(WQ16.&# I%4)# %64# /F1# I%4# 6%4)#
KY160.# /F1# /(7.&I./&.&# '&I'(F14/F10/7.&# .6.:0("# =0(3C:(./4#
\?%1(4F1./&6/F1# ./&.()# <3(# I.C# /F1# C/F1# 4F1QC.&# 43660._# 1./N#
7.1.&"# ZJ76/F1.(?./4.# :J&&0.&# ?/(# I.&# H.(./F1# <.(G(./0.(&)#
I%4#1./N0#:(%&:.#=F1.(W.#%'K#h.I.C#iGh.:0#f#g&I#:6.G.#./&.&#
6'40/7.&# >%C.&# %'K# I.&# =F1(/K040.66.()# /(7.&I.0?%4# ?/.# EC%#
=/F:3# 3I.(# E"H"# EEE# f# EF1# ?./N# ?/.# .4# :6/&70# L# /&# ./&.C# P3(0)#
:/&I/4F1# L# '&I# I3F1# 4F1./&0# .4# C/(# /(7.&I.0?%4# 4./# </.66./F10#
I%"#Z./&.#.(40.#V.%:0/3&#?%()#/F1#?Y&4F10.#/F1#?Y(I.#%&#I%4#
I.&:.&"#M/&#:(%&:.(#P/0W#//F1#4.6G40"#P/(#1%G.&#I.'06/F1#I.&#
H3I.&# <3C# ]%44# .((./F10)# %G.(# /F1# I.&:.# I'# ?/(40# .4# ./&.&#
=F1'44#7.G.&"#E&#I.(#-?/4F1.&W./0#?.(I.#/F1#C/0#I.&#'&.(?/L
I.(0.&#Z%&'4:(/X0.&#?./0.(C%F1.&"#
#
$31&#
#
9"="#M/&#P/0W.G'F1#?Y(I.#./&.#437%(#4F1&.66.(.#P.&I.#%64#./&#
U%04%F1.&G'F1#G./C#%60.&#./4.(&.&#L#2%44.(#4./&"#M/&.#P3F1."#
;66.4#?%4#?/(#0'&#CY44.&#/40)#'&4.(.#[JXK.#W'4%CC.&W'40.:L
:.&# '&I# C/0# I.&# 7(/&I/740.&# P/0W.)# %&# I/.# ?/(# '&4# .(/&&.(&#
:J&&.&)#1.(%&W':3CC.&"#](%7.D#P/.#G.W./F1&.40#I'#./&#[/&I#
31&.#;(C.#'&I#H./&.#f#;&0?3(0D#-?./0.#H%4/4"#
#
9"9"="#EF1#?%(#?/(:6/F1#9(Q4/I.&0#I.(# T/0.(%(/4F1.&#B.4.64F1%K0#
G./#H(3?&)#3G?316#%66#I%4#KY(#C/F1#&'&#?/.#./&#U(%'C#4F1./&0"##
#
9"9"="="#P%('C#/40#h.I.(\C%&&_#43#G.43(70#'C#V/II6.j#f#P%4#
/40#I%4#YG.(#7'0.#B.(YF1.#:3CC.&#<3./&.C#[63#f#R/.#6.0W0.#
-./0#%64#/F1#I3(0#'&0.&#I(/&&.&#?%(#(3F1#.4#?/.#=F1/CC.6#'&I#
Tj436"# EF1# C'44# C/F1# </.66./F10# .(:'&I/7.&"# MG.&K%664# G/&# /F1#
<.(KY1(0#=%&I(%#W'#.(WQ16.&)#I%44#/F1#7.&%'#?./N#?3#4/.#/1(.&#
9%X/.(:3(G#%G40.66.&#:%&&"#EF1#?Q(.#K(31#C/0#I.C#H'F1<.(K%1L
(.&#W'#1.6K.&)#4.1("#
#
9"9"="="="#P%&&#:3CC0#V/II6.j#W'(YF:#f#E#0'#I/.4.&#Z%&Ɲ#
<.(C/44.&#`#$%#Z/40%1#`##
#
53C#HY(3#I.4#2.(%'47.G.(4#
)(!
;&D#2.(G#
R;UgZD#p8"p",*#
>;a2VEa2UD# R%4# H'F1# YG.(# 2.F:46.(# /40# 1.667(Y&"# 53(6Q'K/7.(#
U/0.6D#R.(#U.'K.6v4#B.&.(%6"#=X(.F1.#43K3(0#W'#i6/<.#H%(:.("#R'#
G/40#.(CQF10/70#E1(#}b)d88#~#=X.4.&#<3&#}*d8#X.(#P3F1.#KY(#
</.(# P3F1.&# W'# G/.0.&"# ]%664# ?/(# I%<3&# %'47.1.&)# ?.(I.&# ?/(#
.G.&K%664# I%<3&# %'47.1.&# ;X.ev4# B.6I# 7.&%'43# 1%(0# '&I#
4F1&.66#%64#?/(#:J&&.&)#/&<.40/.(.&"#P/(#CJF10.&#]3034#KY(#I.&#
Z/00.6%G4F1&/00# I.4# H'F1.4"# R'# ?/(40# C/0# /1(# h.I.&# =F1(/00# %'K#
/1(.C#P.7#%(G./0.&)#2.(G"#M(WQ16.#/1(#4/.#/40#KY(#I/.#R%'.(#?.7#
<3&#H.('1/7'&74C/00.6&"#iG.(4F1/F10./&I#C/6I.#7.40/CC0"#
#
V37.(#
#
#
mmm#
#
#
53C#HY(3#I.4#2.(%'47.G.(4#
;&D#=%&I(%#
R;UgZD#p8"p",*#
>;a2VEa2UD#R%4#P/0W.G'F1#/40#1.667(Y&)#%G.(#<.(7/44#T%=F3(L
G/%^#T%44#/1&#%'K#4./&.#P.4X.&#'&I#]6/.7.&#:3&W.&0(/.(.&"#R/.#
KY&K# <3&# '&4# 4/&I# I%(%&# I/.4.&# 1./:6.&# :6./&.&# PQ6W.(# '&4#
4.6G40#W'#4F1(./G.&"#53(6Q'K/7.(#U/0.6D#P.60:(Q&:40.#P/0W."#P/(#
?.(I.&#'&4.(.#.(40.#V.I%:0/3&44/0W'&7#%&#I/.4.C#9(3h.:0#I/.L
4.&#>%F1C/00%7)#G./#]6%1.(0jv4#9'G#I/.#=0(%N.#1/&'&0.()#1%G.&"#
R%4#/40#I/.#&%1.6/.7.&I40.#=%F1.)#I%44#?/(#W'#./&.C#B.?/&&.(#
:3CC.&)# 43# G.1%&I6.# .4# .(&401%K0"# P/(# G.&J0/7.&# I%(YG.(#
&%F1W'I.&:.&# 3G# ?/(# .01&/4F1# ?.(I.&# CJF10.&# \3I.(# ?%7.&_#
3I.(#&/F10)#?/.#/&#OP/.</.6.#9K340.&#G.&J0/70#.4O#'&I#OP/.</.6.#
Z.e/:%&.(# &.1C.&# 4/."O# Z./&# B.KY16# /40)# K%664# ?/(# '&4# .&0L
4F16/.N.&#/&#I.(#[63%:.#0%'F1.&#W'#7.1.&)#?.(I.&#?/(#</.66./F10#
7.&%'43# 7'0# I.&# 7%&W.&# P.7# W'# ]'44.# 7.1.&"# g&I# &/F10# I'#
3I.(#/(7.&Ih.C%&I#%&I.(.4#4X(%F1#W'#C/(#I%(YG.(#I/.#:J&/76/L
F1.#]%C/6/.#%&#./&.C#P/0W.G'F1#YG.(#030.#H%G/.4#'&I#=3I3C/.#
;&0./6# 1%G.&# W'# 6%44.&"# P/(# 4/&I# %C# =/F1.(&# '&4.(.(# ;(G./0#
1/.()# 3I.(# <.(4'F1.&"# 5/.66./F10# 43660.&# ?/(# V/II6.j# /&# '&4.(#
:6./&.4# B.1/(&# L# 5.(0(%'.&# ./&6%I.&"# M(# ?/(I# &QF140.# P3F1.#
W'(YF:#4./&#'&I#/F1#13KK.#I'#?/(40#I%4#.&06%&7#I./&.(#[366.7.&#
!
))!
<.(6%'0.&# 6%44.&"# P/(# 40.(G.&# 1/.(# '&I# %66.4# 'C# I%4# 4/F1# /(L
7.&Ih.C%&I)# 4/F1# W'# 43(7.&# 4F1./&0)# /40# I.(# 7300<.(I%CC0.#
2%'4C./40.("#
#
V37.(#
#
9"="#;643)#G6./G0#<3./&.C#[63#1.(%'4"#EF1#I.&:.#.(#G.?%1(0#
4./&#X.(4J&6/F1.4#-.'7#I3(0#%'K"#
#
9"9"="#M4#4./#I.&&#I'#CJF1040#./&/7.#].&40.(#?%4F1.I.(#./&#
X%%(# HJI.&# G31&.(&)# 4.6G40<.(40Q&I6/F1"# E&# I/.4.C# ]%66)# 4./#
C./&#B%40"#
#
#
mmm#
#
#
H#Y#(#3#/#�#.#(#&#.#4##Z#.#C#3#
;&D#V37.(#
5i>D#H/66#B.6G#
HMUVM]]D# V/II6.j# P%6:.(# /40# CJ76/F1.(?./4.# I.(# H./0(%7# W'C#
?%1&4/&&/7.&#'&I#.(&/.I(/7.&I.&#P/0W.G'F1"#H./#%66.&#Z/00.6&#
6%44#'&4#/1&#/&#I%4#9(3h.:0#%'K&.1C.&#?.&&#.(#W'(YF::3CC0"#
5/.66./F10#:%&&#.(#./&/7.#030.#Z%C/#P/0W.#G./40.'.(&"#
#
#
mmm#
#
#
53C#HY(3#I.4#2.(%'47.G.(4#
;&D#H/66#B.6G#
R;UgZD#p8"p",*#
>;a2VEa2UD#;64#h.C%&I)#I.(#&/F10#C/0#./&.(#IY40.(.&#EI..#KY(#
./&#H'F1#/(7.&I./&.(#;(0#1.(%'K:3CC0)#4F16%7.#/F1#I/(#<3(#I./L
&.#P/0W.6./.&#KY(#I/F1#4.6G40#W'#G.1%60.&"#iI.(#</.66./F10#7.140#
I'# W'# V"P"v4# [63# 1/&'&0.(# '&I# 4F1&YKK.640# I/.# T'K0"# M4# 4F1./&0#
P'&I.(#KY(#2.(G#'&I#=%&I(%#7.C%F10#W'#1%G.&"#R%4#/40#:./&.#
.(&401%K0.# ;&(.7'&7"# ;64# /F1# =%&I(%# .(WQ160.)# I%4# 2%'4C./L
40.(:63#/40#40(/:0#V/II6.jv4#H.(./F1"#
#
*++!
#
mmm#
#
#
53&#$31&#[.&03&v4#U%7.G'F1#
p8"#ZQ(W#*+,*#
#
EF1#0%'C.60.#1.'0.#>%F10#1%6G#L#G.0('&:.&)#<3&#I.C#'&1./CL
6/F140.&# H(%/&403(C/&7# C./&.4# T.G.&4)# \i(0)# ]6%1.(0jv4# 9'G^#
U1.C%)#?/.#G.W./F1&.40#I'#./&.&#T.G(%:(%&:.&#/&#./&.(#1./N.&#
P%&&.)#.0F")#.0F"_)#/&#C./&.#P31&'&7"#EF1#0(%&:#?./0#W'#</.6#/&#
6.0W0.(#-./0)#&3F1#?Y(I.#/F1#./&#.&04F1/.I.&.(#TY7&.(#4./&)#K%664#
/F1#&/F10# 4%7.)# I%44# /F1# ./&.# '&1./C6/F1.)# G.4F1QC.&I.# M((.L
7'&7#KY160."#;'F1#&/F10#/40#.4#I.(#=F1&%X4#I.(#C./&.#M((.7'&L
7.&# %&0(./G0# L# W'C/&I.40# I.&:.# /F1# &/F10#/&# I/.4.(# P./4."# EF1#
?./N# &/F10# 3G# ./&# P/0W.G'F1# CJ76/F1.(?./4.# I/.# >.?# @3(:# U/L
C.4#H.404.66.(6/40.#.((./F1.&#:%&&#L#</.66./F10#&/F10#L#'&I#I3F1#
I.&:.# /F1# KY16.&# ?/(# I/.4.&# =/&&# I%4# ?%1(4F1./&6/F1# .0?%4#
X%44/.(0"#H.<3(#?/(#K.(0/7#?%(.&)#40.'.(0.&#I/.#2Q6K0.#I.(#T.'0.#
/&# I.C# 9'G# P/0W.# G./)# C./&# ]%<3(/0)# I.(# C.1(# I/.# o'.66.&%&L
7%G.# YG.()# ?/.# G.W./F1&.0# C%&# ./&.&# T.X(%:(%&:.&# /&# ./&.(#
1./N.&#P%&&.#\=0')#&%0Y(6/F1_)#/40"#]%664#.4#/(7.&I?/.#./&#U(340#
/40)# =%&I(%# '&I# H/66)# G./I.# 1J(0.&# G.0('&:.&.(# %64# /F1)# V37.(#
</.66./F10#I.41%6G#./&.#>'%&F.#?.&/7.()#%'K"#2.(G#93(0.(#I(/&:0#
&/F10"#EF1#76%'G.#.(#1%0#./	(3G6.C#C/0#.4#'&I#7.10#W'#I/.4.&#
-'4%CC.&0(.KK.&)# ?3# I'# I/F1# 4.6G40# G./# I./&.C# 53(&%C.&#
./&KY1(40"# 5.((YF:0.4)# <.((YF:0.4# U(.KK.&"# ;G.(# &/F10# 43# <.(L
(YF:0# ?/.# I.(# H(/.K)# I.&# /F1)# %'K# C/F1# ?%(0.&I)# /&# C./&.C#
H(/.K:%40.&#K%&I)#%64#/F1#4F16/.N6/F1#1./C76/00"#EF1#G/&#W'#:3XKL
4F1C.(W6./I.&I# 'C# </.6# C.1(# 1.'0.# >%F10# W'# 4F1(./G.&)# %66.4#
?%4#/F1#CJF10.#/40#.0?%4#&/F104#40(/00/7.4#W'#.44.&#'&I#W'#H.00#
W'# 7.1.&)# %G.(# /F1# ?/66# ](%'# H%(K/.6Iv4# H(/.K# W'# I/.4.(# =./0.#
C./&.4# U%7.G'F1.4# :6%CC.(&# '&I# .4# C3(7.&# W'C# HY(3# C/0L
&.1C.&"# 5/.66./F10# ?/(I# G/4# I%1/&# I%4# &J(7.6&I.# ](J40.6&)# I%4#
C./&.&# VYF:.&# 1/&'&0.(6Q'K0)# 7.7%&7.&# 4./&"# V37.(# ?/(I# ?/4L
4.&#?%4#W'#0'&#/40"#-'C/&I.40#13KK.#/F1#43"#g&I#CJ76/F1.(?./L
4.#?/(I#.(#%'F1#.0?%4#?./0.(.4#?/44.&D#?/.#./&.#](%')#?.6F1.#
./&# H6'C.&7.4F1QK0# '&I# B.?QF141%'4# /&# a.&0(%6# ]%664)# V13I.#
E46%&I# G.0(./G0)# C./&.# ;I(.44.# 7.?'440# 1%G.&# :3&&0."# Z./&.#
P31&%I(.44."# g&I# [.</&"# P/.# /&# B300.4# >%C.&# :3&&0.# 4/.#
!
*+*!
YG.(#[.</.?'440#1%G.&#f#>/F10#.G.&#/(7.&I./&#[.</&"#[.</&#
;&013&j)#4F1(./G0#4/."#[.</&#;&013&j)#AcAclA"#=/.#4%70.#.G.&L
K%664# 4/.# C%7# a%(634# R.0?./66.(# &/F10# L# I%4# 4/.# 4/F1# <3(# /1C#
KY(F10.0.#L#'&I#I%#/40#I%4#5/.6.#'C#I%&:G%(#W'#4./&)#%G.(#/F1#
K/&I.# /F1# G/&# &/F10# 4.1(# G.('1/70"# >%F1# %66I.C)# :J&&0.# 4/.# 6YL
7.&"#]/F:#I%4)#/F1#7.1.#W'#H.00"#Z/0#B6YF:#?.(I./.#<3&#C./L
&.&#U(Q'C.&#K.(&G6./G.&"#V'01#U%&%:%#%C#C./40.&#<3&#%66.&"#
M0?%4# C.(:?Y(I/7D# ;&# ./&.C# 9'&:0# ?Q1(.&I# '&4.(.(# -./0# /&#
]6%1.(0jv4# 7/&7# /F1# %'K# I/.# U3/6.00."# PQ1(.&I# /F1# %C# 9/443/(#
40%&I)# :&%660.# V'01v4# >%C.# /&# C./&.&# B.I%&:.&"# E1(# >%C.#
&/F10# /1(# B.4/F10"# ]Y(# ./&# X%%(# =.:'&I.&# I3(0# :3&&0.# /F1# /1(#
B.4/F10# YG.(%66# 4.1.&"# P%4# %&40%00# :%C)# ?%(# I%4# 6.0W0.# <3&#
I.&# O1./6/7.&# ]3034"O# a%(634# R.0?./66.()# 4./&# B.4/F10# /&# I.&#
=F1%00.&)#./�(3XK.&I.4#2.(W#13F11%60.&I"#a1(/40'4"##
#
#
mmm#
#
#
H(/.K#W'#$31&#[.&03&#<3&#](%'#U/&%#H%(K/.6I#
b,"#ZQ(W#*+,*#
#
T/.G.(#2.((#$31&#[.&03&)#
#
4/.# :.&&.&# C/F1# &/F10# <3&# M<.# I.(# .(40.&# Z'00.()# %G.(# /F1#
:.&&.#=/."#MG.&K%664#1%G.&#?/(#a%(634#7.C./&4%C#'&I#=/.#?/4L
4..&%'#?.&#/F1#C./&."#EF1#G/&#U/&%#H%(K/.6I#I/.#=0Y0W.#<3&#
I.C#a.&0(%6#]%664#2%'4#I.(#H6'C.&"#=/.#I.&:.&#=/.#4/&I#I'(F1#
C/0# a%(634# %G.(# a%(634# /40# &/F10# I'(F1# C/0# E1&.&"# =/.# 4/&I# /&#
B.K%1("#EF1#G/&#/&#B.K%1("#$.I.(#<3&#I.C#5.(6%741%'4)#?3#=/.#
%(G./0.&#/40#/&#B.K%1("#;G.(#%'F1#1%G.&#=/.#7(3N.#a1%&F."#R/.#
R'&:6.&#ZQF10.#CY44..G.&#G.<3(#=/.#&.1C.&#:J&&.&"#R%#
7/G0#.4#R/&7.#I/.#/F1#E1&.&#.(WQ16.&#:%&&"#[3CC.&#'&I#4.1.&#
=/.# C/F1# 43# G%6I# =/.# I/.4.&# H(/.K# G.:3CC.&# 1%G.&"# =3# G%6I#
?/.# =/.# /1&# G.:3CC.&# 1%G.&"# Z./&.# -./0# 1/.(# C'44# G%6I# .&L
I.&"#M/&/7.#<3&#I.&#-'&7.%G.&#G.73&&.&#W'#I(31.&"#R.&L
:.&# =/.# /F1# G/&# ?%1&4/&&/7"# ;&0?3(0# /40# h%# =/.# 0'&"# ;G.(# /F1#
:%&&#E1&..6K.&#I%4#./&.#W'#K/&I.&#&%F1#I.C#=/.#4'F1.&"#M4#
/40#I/.#7%&W.#-./0#/&#I.C#V%'C#7.?.4.&"#P.41%6G#0'.#/F1#I/.L
4.4#C%F1.&"#U./6?./4.#I%#C./&.#=..6.)#?.&&#%'F1#1jX301.:%L
*+"!
(/4F1#W'#I.(#-/.7.)#</.66./F10#0(30WI.C#0/67G%(#4./"#B(JN0.&0./64)#
?./6#/F1#a%(634#R.0?./66.(#KY(F10.#k#<.(%G4F1.'."#2%44.#I/.4.&#
=31&# ./&.(# =F16%CX.# `# PY(I.# \/(7.&I_# .0?%4# 0'&# 'C# 4./&.#
96Q&.#W'C#g&0.(7%&7#'&I#5.(I.(G..G(%F10#W'#4.1.&"#B6%'L
G.#C/(#?.&&#/F1#4%7.#H.(/F10.#<3./&.C#U3I#?.(I.&#YG.(%'4#
YG.(0(/.G.&# 4./&"# P/.# I.(# B.&.(%6"# [3CC.# R/.&40%7# K%664# =/.#
:J&&.&"# H(/&7.# I.&# P%44.(# L# $'&7.&# ?.&&# =/.# CJF10.&"# =/.#
:J&&.&# C.1(# 0'&# %64# a%(634v4# V%F1.# ./&.&# =F16%7# %'4W'?./L
F1.&)# 2.((# $31&# [.&03&"# Z/0# C./&.(# 2/6K.# :J&&.&# =/.# /1&# G.L
&'0W.&# 'C# E1(.&# U(%'C# W'# 4F1%KK.&"# ]%664# =/.# C/(# C/N0(%'.&#
I.&:.&# =/.# %&# I/.4D# [.</&# ;&013&j# AcAclA"# M4# 0'0# C/(# T./I)#
K%664#I/.4.4#=/.#'C?/(K0)#%G.(#.4#7/G0#:./&.#-./0#W'#<.(G(%'F1.&#
'C#=/.#W'#YG.(W.'7.&#I%44#/F1#?./N#?%4#/F1#?./N"#
Z/0#K(.'&I6/F1.&#B(YN.&#
#
U/&%#H%(K/.6I#
#
#
mmm#
#
#
53&#$31&#[.&03&v4#U%7.G'F1#
p*"#ZQ(W#*+,*#
#
R%4# /40# ./&# 6%&7.(# U%7# 7.?.4.&# L# ./&# 4F1(.F:6/F1.(# U%7# L# ./&#
?'&I.(<366.(#U%7#L#./&#EF1#L#?./N#L#&/F10#L#?%4#L#U%7"#;66.4#?%4#
/F1#4/F1.(#?./N#/40)#I%44#/F1#G/4#W'#C./&.&#;G4Q0W.&#I'(F17.L
4F1Y00.60#G/&"#-'#C./&.(#%66.(#=..6."#R'#:%&&40#<.(7&Y70#2%CL
6.0#W/0/.(.&#L#OC.1(#R/&7.#//CC.6#'&I#M(I.#<3&#I.&.&#I'#/&#
I./&.(# 91/6343X1/.# 0(Q'C0.40O# L# '&I# I.&:.# &/.# I%(YG.(# &%F1#
?%4#I/.#P3(0.#G.I.'0.&"#g&I#I%&&#</.66./F10#=F1./N.#X%44/.(0)#
?/.#I/.#;(0#<3&#=F1./N.)#I/.#W'#V37.(#'&I#C/(#1.'0.#X%44/.(0."#
g&I# I.(# H3I.&# %'K# I.C# I'# 43# YG.(W.'70# I./&# T.G.&# I%(%'K#
7.1.&I#<.(G(%F10.40#<.(?%&I.60#4/F1#X6J0W6/F1#3KK.&:'&I/7#'&I#
I'# G.7(./K40# I3(0# /40# ./&# 4F1(.F:6/F1.(# ;G7('&I# '&0.(1%6G# <3&#
/1C"#g&I#I/.#4F16/CC40.#=%F1.#/40)#I.(#;G7('&I#/40#&/F10#6..("#
R3(0# 4/&I# R/&7.# /&# /1C"# EF1# ?./N# &/F10# ?%4# I/.4.# R/&7.# 4/&I)#
%G.(# /F1# 1%G.# ./&.# 53(40.66'&7)# 4/.# 4/&I# 1'&7(/7"# EF1# ?Y(I.#
7.(&.# <3&# I/.4.C# 1.(%'4# 4./&"# g&I# I3F1# 7/G0# .4# .0?%4# ?%4#
V37.(# 4%70"# EF1# KY16.# .0?%4# <3&# I.(# ?%1&4/&&/7.&# M((.7'&7)#
!
*+#!
I/.#/F1#/./&.&#;'7.%1"#EF1#L#i1#Z%&&)#I%4#/40#&/F10#7'0"#
EF1#G/.4%C0#YG.(#I.(#[%(0."#-./0#'C#./&.�/.K.&#;0.CW'7#
W'#&.1C.&)#4.N1%K0#W'#?.(I.&#'&I#<3&#<3(&.#W'#G.7/&&.&"#EF1#
?.(I.#I/.4.4#/&#B(/KK#G.:3CC.&)#4.6G40#?.&&#.4#C/F1#I/.#7.L
4%C0.# >%F10# C/0&/CC0"# EF1# 1%G.# ./&.# 53(40.66'&7)# I%44# /F1#
&/F10#/&#I.(#T%7.#4./&#?.(I.#</.6#W'#4F16%K.&)#?/.#%'F1#/CC.("#
g&I#?./N0#I'#?%4#C/(#4X':0#f#P%4#7.10#I'(F1#C./&.&#[3XK#?/.#
\/(7.&I_./&.# ;(0# <3&# <.((YF:0.C# Z%&0(%\C%7/4F1.# ]3(C.6# I.(#
E&I.(_#f#R/.#R'&:6.&#ZQF10.#CY44..G.&#G.<3(#4/.#&.1C.&#
:J&&.&"#R/.#ZJ76/F1:./0.&#/ƴF1#./&.(#./&K%F1.&#M(:6Q('&7#`#
]%664# 436F1# ./&.# ./&K%F1.# M(:6Q('&7# /CC.(# ?%1(# 4./&# :J&&0.# `#
i:%j"# 53&# ;&K%&7# %&"# >3(C%6.(?./4.# G(%'F10# .4# I.&# P.F:.(#
KY&K#Z/&'0.&#<3&#'&'&0.(G(3F1.&.C#4F1(./.&#'C#C/F1#%'K#W'#
G.:3CC.&)# %G.(# I/.4.&# Z3(7.&# X6%0W0.&# C./&.# ;'7.&# G./#
lDd,#C3(7.&4#%'K)#W?./#Z/&'0.&#G.<3(#/F1#/1&#<.(%&6%440#1Q00.#
%'4W'7.1.&"# Z./&# [3XK# ?%(# :6%()# C./&# Z%7.&# G.('1/70.# 4/F1)#
&/F10#43#4.1(#?/.#./&.#=X'(#<3&#./&.C#[%0.()#%G.(#%64#/F1#%'KL
40%&I#6/.4#/F1#C./&.#I'&:6.#=/613'.00.#1/&0.(#C/(#%'K#I.C#H.00L
0'F1^# EF1# C'44# ./&.# 2%6G.# <3&# <.(C/4F10.C# -.'74# '&I# =%6WL
?%44.(# /&# I.(# >%F10# 1.(%'47.4F1?/0W0# 1%G.&"# EF1# 1%00.# GJ4.)#
<.(?/((.&I.#U(Q'C.^#E&#./&.C#<3&#/1&.&#C%F10.#/F1#$%7I#%'K#
V'01#C/0#/(7.&I./&.(#;(0#<3/K0/7.(#9K6%&W.)#&%F1#/1(#G(Y66.&I)#
K%664#4/.#I/.#H6Q00.(#QN.)#?Y(I.#4/.#KY(#/CC.(#6.G.&"#OR'#?./N0#
I'# CJF10.40)# I'# =F16%CX.# `O# EF1# 4F1(/.# 4/.# %&"# OV/.F1.# I/.#
H6Q00.(# `# P/.# 96Q0WF1.&#/&# I.(# [YF1.# I./&.(# B(3NC'00.(# `# P/.#
:%&&# .0?%4)# I%4# (/.F10# ?/.# I%4# 4F16.F10# KY(# I/F1# 4./&# fO# Z/F1#
.(7(/.K#./&#(%4F1.(#=F1%'.()#./&#X%%(#Z'&I<366#<3C#=%K0#(.F104#
<3&# I.C# [%(03&# '&I# I%&&# (%'4# <3&# I.(# UY(# /F1# 7/&7"# V37.(#
:3CC0# /CC.(# K(Y1# 1.(./&)# %G.(# I/.4.&# Z3(7.&# G.%G4/F10/7.#
/F1# /1&# W'# YG.(0(.KK.&"# H./C# H'4# 6%4# /F1# I.&# H%(K/.6I# ](%'.&L
G(/.K# ?/.I.(# I'(F1"# T.0W0.# >%F10)# <.(4F1?3CC.&# C/0# I(/&:.&#
'&I#YG.(#b888#P/0W.#T.4G.&)#4F1?%(W.#T.'0.#'&I#0%'G.#>3&L
&.&#G.0(.KK.&I)#%66.4#?%4#/F1#4.1.&#:3&&0.#?%(#I.(#>%C.#C./L
&.4#030.&#H('I.(4"#EC#.G.&.(%'.&#T/F10#<3&#./&.C#G.?J6:L
0.&# >.?# @3(:# Z3(7.&)# /&C/00.&# I.(# 6.0W0.&# P.66.# <3&# G6%'.&#
[366/.(4#'&I#I.(#.(40.&#P.66.#<3&#?./N.&#L#'&I#(34%#L#[366/.(4#
4/0W.&I#L#C.(:?Y(I/7#1./0.(#/&#I/.4.(#'&('1/7.&#Z/4F1'&7#<3&#
93404# '&I# P%66# =0(..0# -./04F1(/K0.&# L# 6%4# /F1# I.&# H(/.K# &3F1#
./&C%6)# I/.4C%6# G.44.(# /&# I.(# T%7.# W'# 4./&# 4./&.# C.1(# L#
4F1/F10/7.# 5.((YF:01./0# W'# ?Y(I/7.&"# R3F1# .4# ?%(# I.(# >%C.#
*+$!
C./&.4# H('I.(4# I.C# C./&.# ;'7.&# W'7.?%&I0# G6/.G.&"# EF1#
4F1(/00# %'4# I.C# ;'KW'7# 1.(%'4# '&I# %'K# I%4# KY&K0.# =03F:?.(:#
<3&# !8+# 9%(:# ;<.&'.# =YI# G./# ADd8# C3(7.&4)# 4/F1.(# C'44# /F1#
V37.(# W'C/&I.40# G./# ./&.(# 1%6G.&# =0'&I.# 7.4F16%7.&# 1%L
G.&"""%G.(#I/.#T/F10.(#/./&.C#HY(3#?%(.&#G.(./04#%&#'&I#/F1#
:3&&0.#4./&.#EHZ#?.7:6%XX.(J(.&"#M(#:3X/.(0.#P/0W.)#40.660.#
.4#4/F1#1.(%'4"#g&I#3G?316#4./&.#;'7.&#./&.#[6./&/7:./0#G6'0L
'&0.(6%'K.&# ?%(.&)# 4F1%'0.# .(# &/F10# 43# <.(:%0.(0# %'4# %64# /F1#
C/F1#KY160."#E1&#%&4F1%'.&I#?/.#.(#I%4%N)#KY160.#/F1#?/.#./&.#
;(0#<3&#I'CC.%44#KY(#2%(63?#M&I.(4#'&I#%66#I/.#=/0W.#YG.(#
/1C)#[.(6.)#?.6F1.#L#/F1#?Y(I.#%'K#.4#?.00.&#L#&/.#./&#./&W/7.4#
<3&# I.&# HYF1.(&# 7.6.4.&# 1%G.&)# I/.# 4/.# <.(JKK.&06/L
F1.&)%'K:%C"#E1(.#H.7(/KK#<3&#./&.C#9%7.#L#U'(&.(#/40#./.L
?/&&#L#0(QF10/7.(#hQ1(6/F1.(#H.(/F10"#O=/.#1%G.&#I/F1#&/F10#<.(L
I/.&0)O#4%70.#/F1"##
M(# G6/F:0.# %'K)# .(4F1(.F:0.)# 6%F10.# I%&&"# OR'# G/40# K(Y1# 1/.("#
;G.(#/F1#G/&#K(31"#EF1#1%G.#.0?%4#G.:3CC.&)#I%44#/F1#I/(#W./L
7.&#C'44)#$31&"r#
qEF1#1%G.#%'F1#.0?%4#G.:3CC.&)#I%44#/F1#I/(#W./7.&#C'44"r#
qE&#i(I&'&7"OM(#40/.N#4/F1#<3&#I.(#=F1(./GC%4F1/&.#W'(YF:)#
I%&&# 4F1%'0.# .(# %'K# 4/.# C/0# M:.6"# OR%4# H'F1# YG.(# B.&.(%6#
2.F:46.(# ?/(I# '&%&7.&.1C# 4./&)# %G.(# I%4# P/0W.G'F1"""Z%&&)#
I/.4.4#-.'7#/40#4F16/CC"O#M(#G6/F:0.#%'K#4./&.#%'7.&G6/F:6/F1.&#
[3X/.&# '&I# 6%4D# OP/.# </.6.# %'47.1'&7.(0.# ;&/C%0.'(.# :%&&40#
I'#/&#./&.#;'KW'74:%G/&.#G.:3CC.&#fr#
q;66.#<3&#/1&.&)O#4%70.#/F1"#$.0W0#%64#?/(#(%'4#<3C#V%'F1#'&I#
B.6QF10.(# '&I# G(Y66.&I.&# B.0(Q&:.G.40.66'&7.&# '&I# I.(# X6Q(L
(.&I.&#$':.G3e)#I%44#W'4%CC.&?/(:0#'C#]6%1.(0jv4#W'#]6%1.(L
0jv4#W'#C%F1.&)#?%(.&)#?%(#I.(#P/0W#?/(:6/F1#YG.(1%'X0#&/F10#
:3C/4F1"# M(# ?%(# 0(%'(/7# '&I# 4F1(.F:6/F1# '&I# 7.KQ1(6/F1"# R/.#
U%04%F1.)#I%44#T.'0.#G./#/1C#6%F1.&#?Y(I.&#?%(#I/.#4F1(.F:L
6/F140.#=%F1.#I%(YG.("#O;66.#<3&#/1&.&)O#40/CC0.#.(#&%F14/F10/7#
W'"#O=F1./N#%'K#4/."r#
qP/(# 1%G.&# &/F104# 'C#I%4# H'F1# W'# C%F1.&)O# 4%70.# /F1"# OM4#
7/G0# &3F1# :./&# 9%X/.(# G./# /1C# %'N.(# KY(# ./&# X%%(# Z.C34# '&I#
I/.4.#:J&&0.&#<.(4F1?/&I.&"r#
q]%664# ?/(# .4# &/F10# 0'&)# ?/(I# .4# h.C%&I# %&I.(.4# 0'&)O# 4%70.#
V37.("# OM4# /40# ./&.# EI..# I.44.&# -./0# 7.:3CC.&# /40"# M4# /40)# /&#
4./&.(# ./7.&.&# 40/&:.&I.&# ;(0)# G(/66/%&0"R'# ?./N0# I%4# fOEF1#
&/F:0."OZJF10.40#I'#.0?%4#?./0.(.4#?/44.&#f#EF1#I.&:.#.4#?/(I#
!
*+%!
./&# H.404.66.(# 4./&"# g&I# /F1# I.&:.# I/.# R'0W.&I# 3I.(# 43# >%F1L
K367.()#I/.#?/(#C%F1.&#?.(I.&#H.404.66.(#4./&"#EF1#I.&:.)#I%44#
KY(#I/.#&QF140.&#W?./#$%1(.)#P/0W.#YG.(#>.77.()#H.44.(?/44.()#
H6/&I.#'&I#40.(G.&I.#Z/&I.(1./0.&#./&"""./.0W0.(#=F1(./#4./&#
?/(I# "O# =./&# Z'&I# 7%G# ./&.(# (.<360/.(.&I.&# ;G?Q(04W'F:'&7#
&%F1"""'&I# I%&&# 6%F10.# .("# M4# ?%(# 4F1(.F:6/F1)# I/.4.4# T%F1.&"#
=F13F:/.(.&I#'&I#%'F1#7/.(/7"#R%&J(0.#/F1#C/F1#4.6G40#%'F1#
6%F1.&#'&I#I%4#?%(#437%(#4F1(.F:6/F1.("#OP%4#CJF10.40#I'#C/(#
W./7.&#$31&#fr#
qR/.4.4"O# EF1#1Q&I/70.#/1C#I.&#H(/.K#%'4"#=./&.#;'7./&L
7.&#%64#.(40.4#W'(#g&0.(4F1(/K0)#I%&&#<.(G(./0.(&I"#M(#G6/F:0.#W'#
C/(#%'K#'&I#/F1#&/F:0."#Oa%(634v4#H344#/&#a.&0(%6#]%664"#5/.66./F10#
4/&I#?/(#4F16/.N6/F1#&3F1#&/F10#I'(F1#C/0#/1C"r#
qP/.#G.:%C#4/.#I./&.#;I(.44.#fr#
qEF1#1%G.#:./&.#;1&'&7"r#
qR.&:40#I'#4/.#:J&&0.#4/.#<3&#R.0?./66.(#G.:3CC.%G.&fr#
q=/.#4%70#4/.#1%440#/1&"r#
qZ'44#&/F10#1./N.&)#4/.#0'0"#P.(#/40#[.</&#;&013&j#f#E(7.&IL
./&.#EI..#fr#
q[.</&#;&013&j#?%(#C./&#H('I.("#;64#.(#W.1&#?%()#G.7%&&#.(#
I%4#=.1<.(CJ7.&#/&#./&.C#;'7.#W'#<.(6/.(.&"#M4#?%(#./&#U'L
C3("# =/.# &%1C.&# I%4# ;'7.)# %G.(# I.(# [(.G4# 1%00.# G.(./04# /&#
4./&#B.1/(.(./F10"#M(#?%(#/&&.(1%6G#<3.F14#Z3&%0."#
Z./&.# Z'00.(# '&I# 5%0.(# :%C.&# &/.# I%(YG.(# 1/&?.7"O# V37.(v4#
B.4/F10# <.(63(# 4./&.# ]%(G."# OB300)# .4# 0'0# C/(# T./I"# EF1# ?'440.#
&/F10"r#
q>./&)#I'#&/F10"#>/F10#./&.(#/&#>.?#@3(:#0%0)#43#?./0#/F1#I%44#
?./N"#T%44.#a.&0(%6#]%664#%66./&."#EF1#1%G.#C/F1#&/F10#I%W'#G.L
:3CC.&#.4#V'01#W'#.(WQ16.&"Og&I#I%4#R%0'C#f#P%(#I%4#L#OEF1#
&/F:0."# OR.(# U%7# %&# I.C# .(# 40%(G)# (/F10/7"# >%0Y(6/F1# /40# &/F104#
<3&# I.C# 40(.&7# 7.1./C"# R/.# ](%'# :J&&0.# .4# 1.(%'47.K'&I.&#
1%G.&"#Z/00.64#/1(.&#[.&&0&/44.&#-.'74#W'#?/44.&)#I%4#%&7.GL
6/F1# &/F10# W'# ?/44.&# /40# '&I# %C# M&I.# .&0X'XX0# .4# 4/F1# ]3(L
4F1'&7#'&I#H./&%(G./0#7.?.4.&#W'#4./&"#;G.(#Lr#
qR'#76%'G40#.4#&/F10"#EF1#%'F1#&/F10"O#V37.(#0/XX0.#I.&#H(/.K#
%&"#OH(/&7.#I.&#P%44.(#L#$'&7.&#K%664#I'#CJF10.40"r#
qEF1#?'&I.(.#C/F1#YG.(#I%4)O#4%70.#/F1"#O;64#/F1#/&#I.(#2/71#
L# =F1336# ?%()# 7/&7# /F1# KY(# I%4# ]330G%66# U.%C# 1.(%'4"# EF1# ?%(#
4.(/J4#YG.(#.4)#>%((#I.(#/F1#?%("#EF1#?37#*p8#9K'&I)#%G.(#/F1#
1%00.#5/4/3&.&#<3&"""/F1#?./N#&/F10"""I/.#T.4.#L#2/71#L#=F1336#L#
*+&!
]%44'&7#<3&#[&'0.#V3F:&.#W'#4./&)#<.(C'0.#/F1"#EF1#?%(#4.(/L
J4)#%G.(#&/.C%&I#43&40#?%(#.4"#=/.#0J0./F1#4.6G40#6%F1.&I"#
R%4#U.%C)#I/.#a1..(6.%I.()#I.(#7%&W.#=0'I.&0.&:J(X.("#a3%F1#
.&06%&7#C/0#I.C#V.40#<3&#/1&.&"#EF1#G.4F163N#I.(#P%44.(h'&7.#
I.(# Z%&&4F1%K0# W'# 4./&"# M4# ?'(I.# C./&.# =X/0W&%C."# M4# /40#
4.6G40#/C#$%1(G'F1"#V37.(#P%I.)#[6%44.#<3&#vl,)#R(%C%#[6'G)#
=F1%I.&K(.'I.&# [6'G)# >%F1(/F10.&"# M1(7./W# 'C# I.&# 7(3N.&#
%C.(/:%&/4F1.&# V3C%&# W'# 4F1(./G.&"# =X/0W&%C.)# P%44.(h'&L
7."O]Y(#./&.&#;'7.&G6/F:#4%70.#&/.C%&I#<3&#'&4#.0?%4"#R%&&#
13G# .(# I.&# H(/.K# &3F1# ./&C%6# %'K"# O=/.# 4F1./&0# %&W'I.'0.&)#
I%44# M/4.(&.(# L# 2%44.(# 2.F:46.(# &3F1# 6.G0"# R.&:40# I')# I%4# /40#
CJ76/F1#fr#
qEF1# 4.1.# &/F10# ?/.# .(# 4./&# :J&&0."O# ;G.(# /F1# 4.1.)# W'C/&L
I.40#43#.0?%4#S1&6/F1.4#?/."#M4#/40#4F16/.N6/F1#./&#].'.(#7.?.L
4.&"# >/F104# 1/&0.(6%44.&I# %64# ;4F1.# '&I# ?.&/7.# -Q1&."# M4#
:3&&0.#K.(0/7#7.?.4../&"#M4#4F16'7#./&.#=0'K.#<3&#B.(/44.&L
1./0# <3(# YG.(# I/.# /F1# &/F10# </.6# &%F1I.&:.&# CJF10.)# %G.(# h%# L#
.4# :J&&0.# K.(0/7# 7.?.4.&# 4./&"# O=/.# CJF10.&# '&4# /&# a.&0(%6#
]%664)O# 4%70.# V37.()# 4F1%60.0.# 4./&.# =F1(./GC%4F1/&.# %G# '&I#
40%&I#%'K"#OT%44#'&4#/1(#7.G.&#?%4#4/.#CJF10."#U(30WI.C#./&.#
Z.&7.#-./0#/C#nG.(K6'44#'C#S(4F1.#(YG.(#W'(#9.&&#=0%0/3&#W'#
G.?.7.&#'&I#I/.#9/67(/C#W'#.(?/4F1.&"#P/(#:J&&.&#W'#Z/00%7#/&#
V13I.#E46%&I#4./&"r#
qP%4#/40#C/0#I.C#P/0W.G'F1#f#P%4#/40#C/0#I.C#U.'K.64#B.L
&.(%6#fr#
qT%44#I/.4.#I(./#U304F16Q7.#./&#G/44F1.&#;(G./0#KY(#./&.#5.(L
Q&I.('&7# 0'&)O# 4%70.# V37.()# (/F10.0.# 4./&.&# R%'C.&# %'K# I.&#
:'(W.&#[3((/I3()#?.6F1.(#%&#I..(%'47.G.(v#[%G/&.&#JKK&.0."#
OH/40#I'#4.(/J4#fr#
qP/.# ./&# 2.(W/&K%(:0"Og&I# .(# ?%("# gC# +D!8# 0(%0.&# ?/(# %'K#
I.&#;C0(%:v4#9/67(/C#/&#I.&#RQ(C.&#<3	.&&#=0%0/3&)#G.?%KKL
&.0#C/0#Z%7%W/&.&#'&I#U%4F1.&^#'C#*bD*d#40/.7.&#?/(#/&#a.&L
0(%6# ]%664# %'4^# 'C# ./&4# 40/.7.&# ?/(# %'4# ./&.C# U%e/# G./# ;6I.&#
=0(..0#%'K#I.(#53(I.(4./0.#<3C#a.&0(%6#]%664#2%'4#I.(#H6'C.&#
%'4"#R.(#i(0#/40#./&.#W/.C6/F1#4F1QGG/7.#>.'# M&76%&I#=%6WG3e#
1/&0.(# ./&.C# 030.&# V%4.&# 1.(%&?%F14.&I)# 7.XY&:0.60# C/0#
[6'CX.&#<3&#?./F1.C#=F1&.."##
;'K# I.(# VYF:4./0.# /40# ./&# <366:3CC.&.4# B.?QF141%'4)# ?.6L
F1.4# 4/F1# I.&# 7%&W.&# P.7# W'# I.(# &QF140.&# =0(%N.# .(40(.F:0"#
;'N.(1%6G#<3&#I.&#G30%&/4F1.&#BQ(0.&#/&#R"a"#/40#.4#I%4#7(JNL
!
*+'!
0.#<.(I%CC0.#B.?QF141%'4)#I%4#/F1#h.#7.4.1.%G."#;G.(#/C#
B.7.&4%0W# W'# I.(# H30%&/:# /&# R"a"# /40# I/.4.4# ./&.# 4F1C'0W/7# L#
I/.#].&40.(#4/&I#('N/7)#./&/7.#7.K6/F:0#C/0#[6.G.G%&I"#P/(#:3&&L
0.&# :6./&.# =F1/CC.(# <3&# 2/0W.# W'(# =X/0W.# %'K40./7.&# 4.1.&# L#
I.(#2J1.X'&:0)#K%664#I'#I/.4.4#P3(0#<.(W./1.&#?/6640"#PQ1(.&I#
I.4#'&1./C6/F1.&#Z%(I/#B(%4#<3&#I.(#3(/7/&%6.&#R.0?./66.(#5.(L
(YF:01./0)# <.(?/.4# /(7.&Ih.C%&I# I%(%'K# %64# ./&.&# R4F1'&7.6# L#
/F1#.(/&.(.#C/F1#&/F10#?.()#?%1(4F1./&6/F1#./&.(#<3&#I.&#H'66.&#
L#'&I#1.'0.#:3&&0.&#V37.(#'&I#/F1#4.1.&#?%('C"#M4#?%(#&/F10#
7.(%I.# I%4# 2/0W.K6/CC.(&# I.(# B6%4X6%00.&# '&I# /&# I.(# 7(%'.&#
ZQ(W:Q60.^# B(JN0.&0./64# ?%(# .4# I/.# I'&:6.# Z%44.# <3&# I.&#
9K6%&W./&0.(#I/.4.`%00.&"#E&#I.C#C%00.&#T/F10#4%1./.#
</.6# C.1(# 4F1?%(W# %64# 7(Y&# %'4"# OZ./&# i&:.6# ?Y(I.# YG.(L
4F1&%XX.&)O#4%70.#V37.("#OR%4#1./N0)#?.&&#.(#&3F1#%C#T.G.&#
?Q(."# i&:.6# V%j"# ;64# /F1# ./&# [/&I# ?%()# 7(YN0.# .(# C/F1# /CC.(#
C/0# v2.j)# /F1# G/&# i&:.6# V%j# <3&# B(..&# H%j"v# -'# I.C# C./&.#
;'K7%G.# ?%(# W'# .(?/I.(&)# v2.j)# V%j)# ?%4# 1%40# I'# 7.4%70# fv#
g&I# .(# ?Y(I.# W'(YF::3CC.&# C/0# v[%&&40# I'# G6./G.&# 3I.(#
C'440#I'#1.'0.#%G(./4.&#fvO##
EF1# 6./I.# 4F1?./7.&I# '&0.(# I/.4.(# W/.C6/F1# G/W%((.&# M(/&&.L
('&7"# R/.# U%04%F1.# /40)# /F1# :3&&0.# C./&.# ;'7.&# &/F10# <3C#
I'&:6.&)# I/F10.&# gCK%&7# %66# I/.4.(# 9K6%&W.&# &.1C.&"# O$.I.&L
K%664)# .(# ?%(# ./&# ;C%0.'(# B%(0.&G%'.eX.(0.# '&I# .(# 1%00.# ./&#
B.?QF141%'4"# M/&# :6./&.4"# >/F10# ?/.# I/.4.4"# [3CC# 4F13&#
$31&"OEF1# I%F10.)# /F1# 4./# /&# ./&.C# (./C.&I.&# Z3I'4)# .(# KY70#
</.66./F10# ./&.# CY&I6/F1.# P.&I.# 1/&W'# ?/.# T%44# '&4# <3(%&L
:3CC.&)# %G.(# .(# 4.0W0.# 1/&%'K7.1.&I# I.&# P.7# K3(0"# R/.# 5.L
(%&I%0(.XX.&#?%(.&#G.K6.F:0#C/0#./&.C#P/&0.(%&0./6#=%6W"#$.&L
4./04#<3&#/1&.&)#/&#./&.C#].&40.(#G./#I.(#UY()#?%(#./&#]UR#96%L
:%0)# I%4# ./&.# C/0# ./&.C# 7.K6Y7.60.C# Z.(:'(# I%(%'K)# '&I# ./&#
T.4.W./F1.&#[iZZ#2MVME>)#PEV#=E>R#i]]M>`#R/.#PJ(0.(#?%L
(.&#K6%&:/.(0#C/0#V34.&"#;64#?/(#I/.#U(.XX.&#.((./F10./.60#/F1#
KY(#./&.#=.:'&I."#OEF1#1%G.#C/F1#7.(%I.#.(/&&.(0#L#I'#4%70.40#
I'#1Q00.40#%'F1#.0?%4)#I%44#I'#C/(#W./7.&#C'440"-'(YF:#G./C#
HY(3"#;G.(#I'#0%0.40#&/."r#
qR%4#C%F10#&/F104"#EF1#76%'G.#.4#4./#</.66./F10#G.44.(#W'#4.L
1.&#?.&&#?/(#W'(YF::3CC.&"r#
q2%0# .4# /(7.&I.0?%4# C/0# V/II6.jv4# V%'C# W'# 0'&# fO# EF1# ?./N#
&/F10#<3&#?3#I%4#:%C)#7%&W#(.F10)#%G.(#%'K#./&C%6#?%(#.4#1.(L
%'N.&"# EF1# ?'440.# /F1# 6%7# (/F10/7"# OP%('C)# h%"# M4# 0'0"O# M(#
*+(!
4F1%'0.# C/F1# <.(4F1?/.7.&# %&"# R3(0# 40.1.&I# %C# ]'44# I.(#
U(.XX.&#C/0#I.C#%'K7.4F16%7.&.&#[(%7../&.4#Z%&0.64)#4./&#
B.4/F10#./&7.(%1C0#'&I#./&#G/44F1.&#]%(G.#/./&.&#P%&7.&)#
.(4F1/.&#.4#C/()#I%44#V37.(#P%I.#./'0%'44.1.&I.(#[.(6#/40"#
$.0W0# G.44.(# %'44.1.&I)# %64# ./&.# 5/.6W%16# I.(# B.KQ1(0.&)# I/.#
4/F1#/&#I.(#2/714F1336#YG.(#/1'40/7#C%F10.&)#/1&#P%44.(h'&L
7.# &%&&0.&# '&I# B300# ?./N# ?%4# 43&40# &3F1"# V37.(# ?./N# I%4#
</.66./F10)#K%664#.(#W'#/(7.&I./&.C#4./&.(#[6%44.&0(.KK.&#W'(YF:#
7.?.4.&# /40"""%G.(# I/.4.# =0/CC.&# <3&# I.(# 2/714F1336# <.(6%4L
4.&# '&4.(.# [JXK.# &/.# 7%&W)# 3I.(# I3F1# f# 5/.66./F10# C%F140# I'#
7.&'7# B.6I# '&I# 6.740# 7.&'7# ](%'.&# K6%F1# \EF1# ?Y(I.# &/F104#
YG.(#I/.4.#R/&7.#?/44.&)#4./#G./I.4#%(C#'&I#4F1YF10.(&_)#%G.(#
/F1# G.W?./K6.)# K%664# 4/.#.G.&# I%&&# K3(07.1.&"# O$31&)O# 4%70.# .("#
OP%4#fr#
qP/(#4/&I#<.(4XQ0.0"#Og&I#I%#/F1#?'440.#.4#?%(#?%1(#L#:./&.(#
<3&# '&4# ?3660.# /&# a%(634# R.0?./66.(v4# K(Y1.(.&# ;(G./04X6%0W# 1/L
&./&7.1.&# L# 4%70.# /F1)# O[./&# 5.(4XQ0.&# C.1(O# '&I# 7/&7# I.&#
P.7# I.(# =0'K.&# <3(%&"# M/&.# :6./&.# B63F:.# YG.(# I.(# UY(# G/CL
C.60.)# %64# ?/(# ./&0(%0.&"# R/.# &QF140.# =%F1.# I/.# C/F1# 0(%K# ?%(#
I.(# B.('F1# I.(# H6'C.&"""%G.(# &/F10# 7.(%I.# H6'C.&"# R.(# B.L
I%&:.)# I.(# C./&.# =/&&.# I'(F1t'.(0.# ?%()# T./F1.&1%66."# T./L
F1.&1%66.#/C#0/.K.&#=YI.&)#?Q1(.&I#./&.(#2/0W.?.66."#g&I#3GL
76./F1#/F1#&/.#/C#0/.K.&#=YI.&#?Q1(.&I#./&.(#2/0W.?.66.#7.?.L
4.&# G/&# L# G/&# YG.(1%'X0# &/.# /C# 0/.K.&# =YI.&# ?Q1(.&I# ./&.(#
2/0W.?.66.#7.?.4.&#L#?'440.#/F1)#I%44#?%(#('&I1.('C#(/F10/7"#
P./6#I3(0#?%(#&3F1#./&#?./0.(.(#B.('F1#'&0.(#I.C#40%(:.&#R'K0#
I.(#V34.&#'&I#i(F1/I..&#'&I#>.6:.&#'&I#B300#?./N#?%4#43&40#
&3F1"#M4#?%(#./&#K6./4F1/7.(#B.('F1)#7(.&W.&I#%&#(%&W/7"#g&%&L
7.&.1C"#V37.(v4#Z'&I#W'F:0.#%G?Q(04#%'K#I/.#MF:.&"#M(# (3F1#
.4# %'F1"# P%1(4F1./&6/F1# W'(YF:# /&# I.&# 5/.(W/7.(&# '&I# ]Y&KW/L
7.(&)#%64#I.(#i(0#./&#X(/<%0.4#2./C#7.?.4.&#/40)#I.(#V%'C)#/&#
I.&# ?/(# ./&0(%0.&# W?./# VQ'C.# 1%00.D# I.(# M/&7%&7# '&I# I.(#
4F1C%6.# 53(I.(4%63&"# H./# ./&/7.&# 9'&:0.&# /40# ./&.# P%&I# 'CL
7.403N..?.4.&)#./&.#6%&7.&#M/&W.61%&I.64K6QF1.#C/0#./&.C#
T%I.&0/4F1)# YG.(# I(./# L# </.(0.6# <3C# P.7# 1.(./&)# 6/.K# I%(YG.("#
R3(0#?%(#./&.#9%44/.(4F1./&I'(F17%&740%K.6#/&#I.C#T%I.&0/4F1)#
h.0W0# 13F17.W37.&# '&I# h.&4./04# I%<3&# 6'I# ./&.# 3KK.&.# UY(# /&#
I%4#B.?QF141%'4#./&"##
R/.#]%(G.#?/F1#%'4#V37.(4#B.4/F10"#OR7300)#0'0#C/(#6./I"#R%4#
?'440.#/F1#&/F10"r#
!
*+)!
q>./&)#I%4#?'440.40#I'#&/F10"#[./&.(#/&#>.?#@3(:#0'0#I%4)#43#
?./0#/F1#?./N"#B%&W#7.?/44#&/F10#/&#a.&0(%6#]%664"#>/F10#./&C%6#
V'01#1%G.#/F1#.4#.(WQ160"r#
qg&I#I%4#R%0'Cf#P%(#I%4"""O#EF1#&/F:0."#OR.(#U%7#%&#I.C#.(#
40%(G)# (/F10/7"# >%0Y(6/F1# /40# I%4# :./&# 40(.&7.4# B.1./C&/4"# R/.#
](%'#:J&&0.#.4#1.(%'47.K'&I.%G.&"#Z.I/.&#YG.((%4F1.K0#
C/0# R/&7.&)# I/.# 4/.# ?/44.&)# <3&# I.&.&# C%&# &/F10# <.(C'0.0)#
I%44# 4/.# 4/.# ?/44.&# :J&&.&"# g&I# %C# M&I.# 40.660# 4/F1# 1.('%4)#
I%44# .4# &/F104# %64# >%F1K3(4F1'&7.&# '&I# [6./&%(G./0# 4/&I"#
;G.("""r#
qR'#76%'G40#I%4#&/F10"#EF1#%'F1#&/F10"O#V37.(#0/XX0.#%'K#I.&#
H(/.K"# OH(/&7.&# =/.# I.&# P%44.(0(Q7.(&# C/0)# ?.&&# =/.# ?366.&"#
OR%(YG.(#1%G.#/F1#7.7(YG.60"O)#4%70.#/F1"#O;64#/F1#%'K#I.(#2/71L
4F1336#?%()#7/&7#/F1#/&4#]330G%66LU.%C"#EF<1#1%G.#.4#.(&40#7.L
C./&0#I%C/0)#>%((#I.(#/F1#?%("#EF1#?37#7.(%I.C%6#*p8#9K'&I)#
%G.(#/F1#1.00%.#5/4/3&.&#<3&"""/F1#?./N#&/F10"""#I/.#2/714F1366L
<.(4/3&#<3&#[&'0.#V3F:&.#W'#4./&)#&.1C#/F1#%&"#EF1#1%G.#I%4#
.(&40# 7.&3CC.&)# %G.(# &/.C%&I# 43&40"# =/.# <.(4F1?.&I.0.&#
4/F1# 4.6G40# C/0# T%F1.&"# R/.# Z%&&4F1%K0)# I/.# a1..(6.%I.(4)# I/.#
7%&W.# =0'I.&0.&4F1%K0"# R.(# U(%/&.(# C/0# /1&.&# W'4%CC.&"# M4#
.&I.0.# I%C/0)# I%44# /F1# I.(# P%44.(0(Q7.(# I.4# U.%C4# ?%("# M4#
?'(I.#C./&#=X/0W&%C."#M4#/40#437%(#/C#$%1(G'F1"#V37.(#P%I.)#
$%1(7%&7# l,)# R(%C%# a6'G)# a6'G# I.(# =F1%I.&K(.'I.)# -./0'&7"#
2%0#I.&#M1(7./W#I.&#B(3N.&#;C.(/:%&/4F1.&#V3C%&#W'#4F1(./L
G.&"# =X/0W&%C.)# P%44.(0(Q7.("O# ]Y(# ./&.&# Z3C.&0# 4%70.# :./L
&.(#<3&#'&4#.0?%4"#R%&&#&%1C#.(#I.&#H(/.K#?/.I.(#13F1"#O=/.#
4F1./&0# <3(%'4W'4.0W.&)# I%44# M/4.&C%7.&# 2.F:46.(# &3F1# 6.G0"#
B6%'G40#I'#I%44#I%4#CJ76/F1#/40fO##
#
OEF1# ?./N# &/F10)# ?/.# I%4# 4./&# :J&&0."O# ;G.(# /F1# ?'440.# .4)#
W'C/&I.40# /(7.&I?/."# M4# 1%00.# ./&# ].'.(# 7.7.G.&"# M4# 1%00.#
&/F104#1/&0.(6%44.&#%'N.(#;4F1.#'&I#./&/7.&#-Q1&.&"#M4#:J&&0.#
7.:6%XX0# 1%G.&"# M4# 4.0W0.# ./&# Z%N# %&# T/40# <3(%'4)# %&# I%4# /F1#
&/F10# I.&:.&# C3F10.)# %G.(# I3F1)# .4# :J&&0.# 7.:6%XX0# 1%G.&"#
O=/.# ?/66)# I%44# ?/(# &%F1# a.&0(%6# ]%664# :3CC.&O)4%70.# V37.()#
4/F1# <3&# 4./&.(# =F1(./GC%4F1/&.# %G?.&I.&# '&I# %'K40.1.&I"#
OB.G.&#?/(#/1()#?%4#4/.#?/66"#M4#/40#&3F1#7.&Y7.&I#-./0#'&4.(.#
2/&0.(&#W'(#9.&&#=0%0/3&#W'#G.?.7.&#'&I#I.	/67(/C#W'#.(?/L
4F1.&"#P/(#:J&&..7.&#Z/00%7#/&#V13I.#E46%&I#4./&"r#
**+!
qP%4#/40#C/0#I.C#P/0W.G'F1f#P%4#/40#C/0#R.4#U.'K.64#B.&.L
(%6fr#
qT%44#I/.4.#I(./#U30CYI.&#W'(#;G?.F146'&7#C%6#./&#G/44F1.&#
%(G./0.&O)# 4%70.# V37.()# '&I# W./70.# C/0# I.C# R%'.C&# %'K# I.&#
:'(W.&#[3((/I3()#I.(#W'#I.&#V.I%:0/3&4(Q'C.&#KY1(0."#OZ./&40#
I'#I%4#.(&40fr#
qP/.#./&..(W/&K%(:0"O##
g&I# I%4# 0%0# .("# +"!8# g1(# 40%XK0.&# ?/(# I'(F1# I/.# E&&.(./&.&#
I.(#9.&&#=0%0/3&#%'K#;C0(%:4#9/67(/C#W')#'&0.(C#;(C#Z%7%W&.#
'&I#H%7.6#*b"*d#g1(#<.(6/.N.&#?/(#/1&#/&#a.&0(%6#]%664"#*p#g1(#
40/.7.&# ?/(# %'4# ./&.C# U%e/# /&# I.(# ;6I.&# =0(%N.)# 7.7.&YG.(#
I.C# a.&0(%6L]%664LH6'C.&1%'4"# R.(# 96%0W# /40# ./&.# 4F1QG/7.#
>.'LM&76%&IL2Q'4.(4%CC6'&7#I/.#4/F1#1/&0.(#./&.C#030.&#V%L
4.&# .(1.G0)# I.(# C/0# ].0W.&# 4F16%CC/7.&# =F1&..4# 7.0YXK.60#
?%("#;&#I.(#VYF:4./0.#40.10#./&#%G436'0#(/.4/7.4#B.?QF141%'4#
?.6F1.4#4/F1#I.%&W.#P.7#G/4#W'(#&QF140.&#=0(%N.#1/&W'W/.L
1.F1./&0";G7.4.1.&#<3C#H30%&/4F1.&#B%(0.&#/&#R"a"#/40#I.4#
<.(I%CC#7(JN0.#B.?QF141%'4)#I%4#/F1#h.#7.4.1.%G."#;G.(#
%&I.(4#%64#I%4#/&#R"a"#/40#I%4#1/.(#4F1C'0W/7#L#I/.#].&40.(#4/&I#
I(.F:/7)# ./&/7.# C/0# [6.G.G%&I# /&40%&I7.4.0W0"# P/(# :3&&0.&#
:6./&.# 2/0W.4F1/CC.(# YG.(# /1&.&# .(:.&&.&# L# %&# I.(# =X/0W.)#
?.&&# I'# I%4# P3(0# <.(W./140"# PQ1(.&I# I.4# Cj40.(/J4.&# ]%40L
&%F104I/.&40%74#<3&#R.0?./66.(4#P%1&4/&%00.#.4#h.C%&I#%64#
R4F1'&7.6# G.W./F1&.0# L# /F1# ?./N# &/F10# C.1(# ?.()# ?%1(4F1./&L
6/F1#./&.(#I.(#a3X4#L#'&I#1.'0.#:3&&0.&#V37.(#'&I#/F1#4.1.&)#
?%('C"#M4#?%(#&/F10#&'(#I/.#2/0W.)#I/.#%'4#I.&#].&40.((%1C.&#
/&#I/.#7(%'.#ZQ(W:Q60.#1/&%'K40/.7)#.4#?%(#</.6C.1(#I.(#I'&:6.#
gCK%&7#I.(#9K6%&W./&0.(#I.&#V%1C.&)#E&#I.C#0(YG.&#T/F10#
?/(:0./.#.1.(#4F1?%(W#%64#7(Y&"#OZ./&#i&:.6#?Y(I.#%'4K6/XL
X.&O)#4%70.#V37.("#OP.&&#.(#&3F1#6.G0.)#C./&#/F1"#i&:.6#V%j"#
;64#/F1#./&#[/&I#?%(#G.7(YN0.#.(#C/F1#/CC.(#C/0D#2.j)#/F1#G/&#
i&:.6# V%j# <3&# B(..&# H%j"# R%&&# C'440.# /F1# %&0?3(0.&D# 2.j)#
V%j)#?%4#C./&40#I')"#1.1f#g&I#.(#7%G#W'(YF:#O[%&&40#I'#G6./L
G.&# I3.(# &..fO# EF1# .(I'6I.0.# I/.4.# 4.604%C.# M(/&&.('&7#
4F1?./7.&I"#U%04QF16/F1#:3&&0.#/F1#C./&.#;'7.&#&/F10#<3&#I.(#
R'&:.61./0# 634(./N.&)# I/.4.# W'4%CC.&7.I(Q&70.# Z%44.# <3&#
9K6%&W.&"#O$.I.&K%664#?%(# .(# ./GGj7Q(0&.(#'&I#.(1%00.#./&#
B.?QF141%'4"#M/&#:6./&.4"#>/F10#?/.#I%4#1/.("#[3CC#$31&"O##
EF1# I%F10.# .(40)# .(# 1Q00.# /&# 4./&.(# V./C40/CC'&7# 6.I/76/F1#
./&.&# ?./0.(.&# 1/&W'7.KY70)# %G.(# .(# 1%00.# G.(./04# 4./&.&# P.7#
!
***!
I.	K%I#1/&%'K#K3(07.4.0W0"#R/.#5.(%&I%40'K.&#?%(&#C/0#P/&L
0.(4%6W# G.4F1C'0W0"# R%1/&0.()# %&# ./&.(# UY(4F1./G.)# ?%(# ./&#
H(.00#C/0#U1.(C3C.0.(#G.K.40/70)#./&4#C/0#o'.F:4/6G.()#'&I#./&#
=F1/6I# %'K# I.C# W'# 6.4.&# ?%("# UVMUM># =EM# ME>)# PEV# 2;HM>#
BMx]]>MU"#R/.#P3(0.#?'(I.&#<3&#V34.&#K6%&:/.(0"#;64#?/(#I/.#
=0'K.&# .((./F10.&# 1/.60# /F1# ./&/7.# =.:'&I.&"# OZ/(# KQ660# 7.(%I.#
./&#L#I'#1%40#7.4%70)#I'#CY440.40#C/(#%'F1#.0?%4#W./7.&"#;64#
?/(#W'(YF:#/C#HY(3#?%(.&"#;G.(#I'#1%40#.4#&/F10#7.0%&"r#
q=0/CC0)#/F1#76%'G.#/F1#W./7.#.4#I/(#6./G.()#?.&&#?/(#W'(YF:#
4/&I"r#
q2%0#.4#?%4#C/0#V/II6.j4#V%'C#W'#0'&f#EF1#?'440.#&/F10#7.L
&%'#?/.#/F1#I%(%'K#:%C)#%G.(#%64#/F1#.4#%'47.4(X(3F1.%00.)#
?'440.# /F1)# I44# /F1# (/10/7# 6%7"# OP.41%6G)# h%)# I%4# 1%0# .4O# M(#
4F1%'0.# C/F1# 7.&%'# %&"# P/.# .(# I%# %C# ]'N# I.(# U(.XX.# 40%&I)#
I.&# [(%7.&# 4./&.4# Z%&0.64# 13F17.4F16%7.&)# 4./&# B.4/F10# 'CL
(%1C.&I# '&I# ./&# G/44F1.&# ]%(G.# %'K# 4./&.&# P%&7.&)# 4F1/.&#
C/(#V37.(#P%I.#./&#?/(6/F1#7'%0%'44.1.&I.(#H'(4F1.#W'#4./&"#
$.0W0# G.44.(# %'44.1.&I# %64# ./&.# Z.&7.# I.(# [.(6.)# I/.# 4/F1# /&#
I.(#2/714F1336#YG.(#/1'40/7#7.C%F10#1%00.&)#/1&#P%44.(0(QL
7.(#'&I#B300#?./N#?%4#&3F1#7.&%&&0#1%00.&"#V37.(#?'440.#I%4#
?3CJ76/F1)#%64#.(#./&/7.#4./&.(#[6%44.&0(.KK.%00."""%G.(#I/.L
4.#=0/CC.&#<3&#I.(#2/714F1336#7.1.&#'&4#&/.#%'4#I.&#[JXK.&)#
3I.(f# 5/.66./F10# ?.&&# I'# 7.&'7# B.6I# C%F140# '&I# 7.&Y7.&I#
](%'.&# /&4# H.00# G.:3CC40# \EF1# ?./N# .4# &/F10)# /F1# G/&# G./I.4D#
%(C# '&I# 4F1YF10.(&_)# %G.(# /F1# W?./K6.# 437%(# /&# I/.4.C# ]%66)#
I%44#I/.#=0/CC.&#<.(4F1?/&I.&"#O$31&O)#4%70.#.("##
OP%4fr#
qP/(# <.(WJ7.(&"O# g&I# ?./6#/F1# ?'440.)# I%44# .(# (.F10# 1%00.# L#
:./&.(# <3&# '&4# ?3660.# %&# a%(634# R.0?./66.(4# .1.C%6/7.&# ;(L
G./04X6%0W#L#4%70.#/F1D#O[./&.#5.(WJ7.('&7#C.1(O#'&I#7/&7#I/.#
U(.XX.
F1#<3(%&"O$31&)O#1.#4%/I"#M/&.#:6./&.#B63F:.#:6/&7.6L
0.#%64#?/(#I'(F1#I/.#UY(#0(%0.&"#R%4#&QF140.#?%4#C/F1#0(%K#?%(#
I.(#B.('F1#I.(#H6'C.&"""%G.(#&/F10#&'(#H6'C.&"#R.(#B.I%&:.)#
I.(# C/F1# I'(F1K'1(# ?%(# H.40%00'&74'&0.(&.1C.&"# H.40%0L
0'&74'&0.(&.1C.&#/C#0/.K.&#=YI.&)#?Q1(.&I#./&.(#2/0W.?.66."#
g&I# 3G?316# /F1# &/.# ?Q1(.&I# ./&.(# 2/0W.?.66.#/C# 0/.K.&# =YI.&#
7.?.4.&#?%(#?'440.#/F1#I%44#/F1#(.F10#1%00."#R%#?%(#&3F1#./&#
%&I.(.(#B.('F1#'&0.(#I.C#40%(:.&#R'K0#<3&#V34.&#'&I#i(F1/L
I..&)# >.6:.&# '&I# ?%4# ?./N# B300# &3F1"# M4# ?%(# ./&# K6./4F1/7.(#
B.('F1)#K%40#(%&W/7"#g&%&7.&.1C"#V37.(#<.(W37#I/.#Z'&I?/&L
**"!
:.6"# M(# (3F1# .4# %'F1"# E&# I.&# !8.(# 3I.(# d8.(# $%1(.&)# %64# I%4#
&3F1#./&#X(/<%0.4#2%'4#?%()#1%00.#I.(#V%'C#/&#I.&#?/(#./&7.L
0(.0.&# ?%(.&# </.66./F10# C%6# W?./# -/CC.(# 7.1%G0D# M/&.&# M/&L
7%&74G.(./F1# '&I# ./&.&# :6./&.&# 53((%'C"# ;&# ./&.(# =0.66.# ?%(#
./&.# Z%'.(# .&0K.(&0# ?3(I.&)# 'C# ./&.&# 7(3N.&# B.4F1QK04(%'C#
W'# 4F1%KK.&# C/0# ./&.C# T%I.&0/4F1# I.(# .0?%# R(./# 5/.(0.6# I.4#
96%0W.4#./&&%1C"#M4#7%G#./&#H(.00#/&#I.(#U1.:.)#I'(F1#I%4#C%&#
I%1/&0.(#:%C)#h.0W0#%&7.13G.&#'&I#I%1/&0.(#KY1(0.#./&.#3KK.&.#
UY(#/&#I%4#B.?QF141%'4"#53&#I3(0#:%C#I.(#?/I.(6/F1.#B.('F1"#
M4#?%(#4.1(#1./N#/&#I.C#V%'C"#2/&0.(#I.(#U1.:%#?%(#./&.#<.(L
76%40.# [Y16G3e# \EF1# ?./N# &/F10# 3G# C%&# I%4# [Y164F1(%&:# &.&L
&.&#:%&I.(#&/F10)#/F1#<.(C'0.#C%6#C%&#C'44_"#R%(/&#?%(.&#
H6'C.&40(Q'N.#'&I#B.40.F:.)#%G.(#I%4#B6%4#?%(#43#G.4F16%7.&#
I'(F1#I.&#U.CX.(%0'('&0.(4F1/.I#W?/4F1.&#I.&#G./I.&#gC7.L
G'&7.&)# I%44# C%&# <.(C'06/F1# :%'C# T/6/.&# <3&# a1(j4%&0.C.&#
'&0.(4F1./I.&# :3&&0."# M4# ?%(# %64# 3G# C%&# /&# ./&.&# 4F1?.(.&#
M&76/4F1.&# >.G.6# 4F1%'0.# \&./&)# /F1# 1%G.# &3F1# :./&.&# 7.4.L
1.&_"#;&#I.(#6/&:.&#=./0.#1/&0.(#I.C#T%I.&0/4F1)#'&0.(# ./&.C#
4F1?%(W.&#P%&IG(.00#%'K#I.C#<.(4F1./I.&.#9(./4.#%'47.4F1/6L
I.(0#?%(.&)#4%N#./&#Z%&&)#I.(#4/F1#I%4#9(3</I.&F.#$3'(&%6#<3(#
I%4#B.4/F10#1/.60"#P/(#.(:%&&0..(%I.C%6#./&#X%%(#=0(Q1&.&#
?./N.&# 2%%(4)# I/.# ?/.# P36K4C/6F1# YG.(# I.&# %&43&40.&# :%16.&#
=F1QI.6# K6344.&"# 53&# Z4"# U/&%# H%(K/.6I# ?%(# &/F104# W'# 4.1.&"#
O2%663`O# 4%70.# V37.(# 1.(W6/F1"# [./&.# V.%:0/3&# <3&# I.C# Z%&&#
C/0# I.(# -./0'&7"# M(# 4%N# I3(0# '&I# W./70.# I/.# nG.(4F1(/K0# L#
VM;B;>#PEVR#RgVa2[iZZM>)#=a2PiV#RMV#Ri[UiV"#O2%6L
63# =/(fO# [./&.# H.?.7'&7"# M/&# :3C/4F1.(# 5.(I%F10# 4F1344# C/(#
I'(F1# I.&# [3XKD# R%4# ?%(# :./&# Z%&&# 43&I.(&# ./&.# =F1%'K.&L
40.(X'XX.#I/.#C/0#I.(#-./0'&7#/C#;(C#X34/.(0."#5/.66./F10#'CL
T%I.&I/.G.# %GW'4F1(.F:.&"# >/F10# I%44# </.6.# T%I.&I/.G.# /&#
H6'C.&6QI.&# :3CC.&# ?Y(I.&"# B6%'G.# /F1# h.I.&K%664# &/F10"#
O9%(I3&fO)# 4%70.# V37.()# h.0W0# 6%'0.("# OP/(# 1%G.&# '&4# C/0# Z4"#
H%(K/.6I# <.(%G(.I.0fO# [./&.# V.%:0/3&"# R%4# 9%X/.(# (%4F1.60.#
&/F10# ./&C%6"# P/.# ./&# :6./&.4# U/.(# /&# ./&.C# U(%'C# KY160.# /F1#
C/F1# \3G?316# /F1# &3F1# &/F10# <36640Q&I/7# I/.# P/(:6/F1:./0# (.%6/L
4/.(0#1%00.#L#I%W'#:3CC.#/F1#76./F1_)#%64#/F1#%&#I/.#U1.:.#0(%0#
?3#./&.#B63F:.#&.G.&#./&.(#[%(0.#40%&I)#%'K#I.(#?%(#W'#6.4.&#
HEUUM#[TE>BMT>#=EM#PM>>#=EM#HMREM>U#PMVRM>#Zxa2UM>"#
EF1# 4F16'7# CQN/7# 40%(:# C/0# C./&.(# 2%&IK6QF1.# I%7.7.&)# 43#
I%44# ./&# 4F1%(K.4# [6/&7`# .(0J&0."# EF1# 1%00.# I.4# <.((YF:0.&#
!
**#!
R(%&7# /&# C./&.(# 13F1&Q4/740.&# >.?L@3(:LH.%C0.(L=0/CC.#
O53(0(.0.&# G/00.O# W'# ('K.&# %G.(# /F1# <.(:&/KK# .4# C/("# T%&74%C)#
7%&W# 6%&74%C# 4.&:0.# 4/F1# I/.# -./0'&7"# ;64# I%4# 7.4F1%1)#
?Y&4F10.#/F1#C/()#4/.#?Q(.#3G..G6/.G.&"#R/.#1.(%G4/&:.&I.#
-./0'&7#.&01Y660.#./&#B.4/F10)#I%4#/F1#G.(./04#%'K#I../6/7.&#
]3034#7.4.1.%00."#R%(%'K#?%(#.4#4F1C.(W<.(W.((0#7.?.4.&)#
<366# 23((3(# '&I# '&76Q'G/7"# >'&# ?%(# I%4# B.4/F10# <3&# >3(</66.#
[..&)# =F1JXK.(# 436F1.(# 9.(6.&# ?/.# OP.41%6G# ./&.&# B%40# G.L
4F1(./G.&)# ?.&&# I'# /1&# I3F1# 4.1.&# :%&&40O# %G436'0# G6%&:"#
>./&"#R%4#/40#&/F10#(/F10/7"#=F1./N."""#\4XQ0.(_#EF1#4/0W.#1/.(#4./0#
KY&K#Z/&'0.&#<3(#I/.4.C#6%'4/7.&#i6/<.00/)#<.(4'F1.#I%4#(/F10/L
7.#P3(0#W'#K/&I.&#'C#.4#W'#G.4F1(./G.&)#%G.(#I%4#G.40.#?%4#
/F1#K/&I.&#:%&&#/40#&3F1#W'#4F1?%F1"#R%4#B.4/F10#I.4#Z%&&.4#
?%(#&/F10#&'(#G%(#h.I.&#;'4I('F:4)#<.(40.140#I')#.4#?%(#%'F1#
K(./#<3&#h.I.(#Z'4:.6G.?.7'&7"#P%1(4F1./&6/F1#?%(#.4#/CC.(#
./%&7.4#B.4/F10)#%G.(#h.0W0#.(4F1/.&#.4#%G4'(I#6%&77.W37.&)#
?/.# ./&# B.4/F10# /&# ./&.C# I/.4.(# -.((4X/.7.6"# M4# 1/&7# <3&# 4./L
&.C# =F1QI.6# ?/.# U./7# <3C# V%&I# ./&.(# VY1(4F1Y44.6""# >.G.&#
C/(# 1J(0.# /F1# V37.(# 0/.K# I.&# ;0.C# ./&W/.1.&"# =XQ0.(# 4%70.# .(#
C/()#W'.(40#1%G.#.(#7.I%F10)#.(#4.1.#./&.&#]%66#<3&#;6W1./C.(#
<3(#4/F1";G.(#/F1#76%'G.#I%4#?%(#./&.#TY7."#P/(#4/&I#C3.I.(&.#
Z.&4F1.&)#V37.(#'&I#/F1)#./	%%(#%G0(Y&&/7.(#a1(/40.&#/&#I.(#
7(3N.&# =0%I0# I/.# 7.4.0W.40(.'# I'(F1# /1(.# U%7.# ?%&I.(&# '&I#
I.(# nG.(W.'7'&7"""?/.# 4366# /F1# I%4# &.&&.&f# 53&# .(K%1('&74L
7.CQN.(#V.%6/0Q0"#P/(#76%'G.&#&/F10)#I%44#I/.#P/(:6/F1:./0#7YL
0/7#/40)#%G.(#?/(#K/&I./.#%'F1#&/F10#'&G.I/&70#GJ4?/66/7"#P/(#
1%G.&# '&4.(.# 0/.K.&# B.1./C&/44.)# &%0Y(6/F1)# '&I# I/.# 4/&I# .&7#
%&#I/.#i(7%&.#'&4.(.(#0/.K40.&#E&40/&:0.#%&7.X%440"#R/.4.#%IL
(.&%6/&7.KY00.(0.&# i(7%&.# 4F16'CC.(&# I/.# C./40.# -./0)# %G.(#
4/.# 4/&I# I%"# g&4.(.# .(?%F10.&# /C# HY(3# I.4# a.&0(%6# ]%664# H6'L
C.&1%'4.4# '&I# 4%70.&# '&4# I%4# 76./F1.D# R%44# I.(# Z%&&)# I.(#
'&4#C/0#4./&.&#IY40.(.F1?%(W.&#%'4I('F:4634.&#;'7.&#%&L
G6/F:0.)#&/F10#C.1(#6.G0."#R%44#.()#0%04QF16/F1^#./&.#T./F1.#?%("#
\4XQ0.(_#EF1#1%G.#&3F1#&/F104#W'#;G.&I#7.7.44.&#'&I#/F1#?/66#
%'F1# &/F104# L# </.66./F10# :3CC0# I.(# ;XX.0/0# W'(YF:)# ?.&&# /F1#
I%4# 1/.(# G..&I.0# 1%G."# EF1# G/&# %66.(I/&74# 7.(%I.# :'(W# 'C# I/.#
MF:.#7.7%&7.&#%'K#./&.&#I3XX.60.&#M4X(.443#'&I#.(#1%0#C/F1#
%'K7.C'&0.(0"# 2%0# C/(# ?/.I.(# .0?%4# Z'CC# W'(YF:7.7.G.&"#
g&I# I3F1# L# 4%7# I/.# P%1(1./0)# G.4F1QC# I.&U.'K.6# L# /F1# 1%G.#
C/F1#.(?/4F10)#I%44#/F1#<3&#=0(%N.&6/F10#W'#=0(%N.&6/F10#7.K6/0W0#
**$!
G/&)# I/.# R'&:.61./0# 4F1.'.&I)# /F1# 1%G.# C/F1# G.3G%F10.0# 7.L
KY160"# >/F10# <3&# ./&.(# 9.(43&# \7.?/44# ?Y(I.# /F1# .4# &/F10# G.L
C.(:.&)#?.&&#a%(634#R.0?./66.(#C/(#%'K6%'.(&#?Y(I.)#</.66./F10#
C/0# ./&.C# 9%%(# 1YG4F1.()# (%4/.(C.44.(4F1%(K.(# =F1.(.&G6Q0L
0.(_)#43&I.(&#<3&#I.(#R'&:.61./0#4.6G40"#R/.4.#i(7%&.#I.(#E&L
40/&:0.)#I/.#/F1#.(?Q1&0.)#4/&I#&'.66?%F1)#<.(40.140#I')#'&I#
<3&#%66.&#R/&7.&#CJ7./.#%C#?.&/740.&#I/.#R'&:.61./0"#;G.(#
&'&#G/&#/F1#W'(YF:#/&#C./&.(#7.CY06/F1.&#[YF1.)#/&#./&.(#]Y66.#
1.66.&# K6'3(.4W/.(.&I.&# T/F104)# C/0# ./&.(# 1%6G.&# U%44.# 1./N.&#
40%(:.&# [%KK..4# /&# C./&.(# (.F10.&# 2%&I# '&I# I/.# R/&7.# 4.1.&#
4F13&#G.44.(#%'4"#P./6)#I'#?./N0#.4)#.4#7/G0#./&.#7'0.#=./0.#G./#
%66I.C)# R'# ?/(40# .4# <.(40.1.&"# B'0)# ?3# ?%(# /F1f# ;F1# h%)# /F1#
?./N"# R/.# 1.('&0.(7.&3CC.&.# -./0'&7# '&I# I.(# 6..(.# H6/F:"#
R%4# 4F16%KK.# =0%((.&"# -'.(40# :3&&0.# ?.I.(# V37.(# &3F1# /F1# /(L
7.&I.0?%4# 4%7.&"# R.(# Z%&&# L# Z("# [..&# L# 4F1/.&# .4# &/F10# W'#
G.C.(:.&"# M(#4%N#%'K#4./&.C#=0'16#G./#I.(#[%44.#'&I#40%((0.#
'&4# C/0# I.(# <.(:&Y660.&# -./0'&7# /C# =F1344# 40%00# <3(# 4./&.C#
B.4/F10# %&"# R/.# =./0.&)# I/.# .(# 7.JKK&.0# 1%00.)# 4F1/.&.&# ./&.#
I3XX.64./0/7.# ;&W./7.# ./&.4# ;'031Q&I6.(4# W'# 4./&"# EF1# :3&&0.#
I/.#P3(0.#.(:.&&.&#g>ZxBTEa2#-g#g>UMVHEMUM>"#=F16/.N6/F1#
(/44# /F1# C/F1# W'4%CC.&D# O=/&I# 4/.# Z("# [..&f# Z("# >3(</66.#
[..&fO#>/F104"#>'(#I/.4.#40%((.&I.&#;'7.&"#Z/(#:%C./.#?/.#
40%'G/7.# =0./&.# /&# ./&.(# 0(3F:.&.&# B('G.# <3("# O=/.# 6.G.&# /&#
a%(634#2%'4)#&/F10fO)#K(%70.#/F1"#Oa%(634#R.0?./66.(f#>/F104#V3L
7.(#6.1&0.#4/F1#<3(#'&I#4X(%F1#4.1(#6%&74%C#'&I#:6%()#?/.#h.L
C%&I#W'#./&.C#Z%&X(/F10)#<3&#I.C#.(#C./&0)#I%44#.(#0%'G#
4./)#7./40/7#G.1/&I.(0#3I.(#G./I.4"#OP/("""#4'F1.&"""#&%F1"""#U/L
&%"""#H%(K/.6I"""#E40"""#4/.#"""1/.(fO#-'.(40#:%C#?/.I.(#:./&.#V.L
%:0/3&"#EF1#?3660.#4F13&#C./&#B6YF:#<.(4'F1.&#\I/.#7%&W.#-./0#
YG.(# 1%00.# /F1# 0/.K# I(/&&.&# I.&# B.I%&:.&)# I%44# .4# &/F10# 7'0#
?%()# W'# <.(4'F1.&)# <3&# I.C# U30.&# ;'4:'&K0# W'# .(1%60.&)# I/.#
Z.&4F1.%G.&#I%4#4./0#$%1(.&.#M(K367#<.(4'F10_)#%64#Z("#
[...1(#6%&74%C#4./&.#2%&I#13G"#M(#0('7#./&#:'(WQ(C.6/7.4#
?./N.4# =1/(0# '&I# I/.# Z'4:.6&# 1/&7.&# <3&# 4./&.C# 9G.(%(C#
6%4F1# 1.(%G)# G%'C.60.&# <3&# I.&# [&3F1.&"# M(# 40.F:0.# ./&.&#
6%&7.&# 7.6G.&# ]/&7.(# %'4# '&I# /F1# I%F10.# %&# I.&# B./40# I.(#
P./1&%F10)#I.(#'&G%(C1.(W/7#%'K#MG.&..W.(#=F(337.4#<.(7.4L
4.&.4#B(%G#7.?/.4.%00."#M4#?%(#:./&#B(%G#%'K#I%4#Z("#[..&#
1/&?/.4)# 43&I.(&# I/.# 3KK.&.# UY(# I.4B.?QF141%'4.4"# OE40# 4/.#
I3(0#I(/&fO)#K(%70.#V37.(#C/0#./&.C#'&4/&&/7#1.(W6/F1.&#U3&#/&#
!
**%!
I.(#=0/CC."#M4#?%()#%64#3G#?/(#%66.#./&.&#%&7.&.1C.'4/07.&#
P/0W#7.0./60# 1Q00.&"# ](%7.D# P/.# </.6.# 030.# ZQ&&.# G(%'F10# C%&#
'C#./&#B.?QF141%'4#W'#6./0.&f#;D#M/&K%F1#>3(<"#[./&.#;&0?3(0#
<3&# Z("# [..&"# ;'N.(# ./&.C# %'47.40(.F:0.&# ]/&7.("# M4# /40# '&L
CJ76/F1# %'4W'I(YF:.&)# ?/.# '&1./C6/F1# .(# ?%("# EF1# 1%G.# C/F1#
4.6G40# ?/.I.(# '&I# ?/.I.(# 7.K(%70)# 3G# .(# %0C.0.)# '&I# /F1# ?./N#
.4# ./&K%F1# &/F10"# M4# /40# I.(# %'47.40(.F:0.# ]/&7.(# %&# I.&# /F1#
C/F1#%C#G.40.&#.(/&&.(&#:%&&#L#I.(#>%7.6#%C#M&I.#?%(#./&7.L
(/44.&#'&I#W.(4X6/00.(0)#%64#3G#.(#I%(%.:%'0#1Q00."#g&I#4./&.#
;'7.&"# R/.# 40%'G/7.&)# %'4I('F:4634.&# =0./&.# 4./&.(# ;'7.&"#
O[3CCO)#4%70.#V37.(#'&I#7/&7#%'K#I%4#13F17.40.660.#H(.00#/C#
U1.:.&I'(F17%&7#W'"#OB6%'G40#I'#?/(:6/F1)#I%44#I%4#./&.#7'0.#
EI..# /40"""O)# 4%0W0.# /F1# %&)"# ;G.(# V37.(# I%F10.# 3KK.&4/F106/F1)#
I%44# .4# ./&.# 7'0.# EI..# ?%()# ?./6# .(# 4F13&# ?./0.(7/&7"# iI.(#
</.66./F10# 1%00.# .(# .&04F1/.I.&)# I%44# .4# I/.# ./&W/7.# EI..# ?%("#
Oa3C.# 3&)O# V37.(# 4%/I)# %&I# 40%(0.I# K3(# 01.# (%/4.I# X%44L
01(3'71"#g&I#I%#/F1#&/F10#'&0.(#Z("#[..&4#'&<.(?%&I0.C#H6/F:#
G6./G.&#?3660.)#K3670.#/F1#/1C"#EF1#G../60.#C/F1#'&I#7/&7#C/0#./&#
?.&/7#7.4.&:0.C#[3XK#I'(F1#I.&#M/&6%44)#?.41%6G#/F1#I/(.:0#/&#
V37.(#(./&(%&&0.#'&I#/1&#K%40#'C(/44"#M0?%4#1%00.#/1&#%&7.1%6L
0.&)# '&7.KQ1(# W.1&# ]'N# /C# B.?QF141%'4)# '&I# %64# /F1# C./&.&#
[3XK#13G#'C#&%F1W'4F1%'.&)#4%1#/F1#?%4#.4#?%("#g&I#1/.(#/40#
$31&#[.&03&#;'4I('F:4:(%K0#<J66/7#'&W'(./F1.&I#'C#W'#G.(/F1L
0.&)#?%4#?/(#%&#I/.4.C#<.(I%CC0.`%0W#.(G6/F:0.&"#EF1#1%00.#
G.40.#>30.&#/&#%66.&#C./&.&#['(4.&)#/F1#1%G.#./&/7.#.CXK/&IL
4%C.#B.4F1/F10.&#/&#./&.(#7'0.&#;&W%16#.CXK/&I4%C.(#:6./&.(#
Z%7%W/&.#<.(JKK.&06/F10#\4XQ0.(#&/F10#C.1()#Z%F13#Z%&#'&I#I/.#
P/&I13<.(4.(/.&# W'# G.%(G./0.&# 1%G.&# C./&.&# ./7.&.&#
=F1(./G1'&7.(# G.0(QF106/F1# %G7.40'CXK0_)# '&I# %&# I.(# H(3?&#
?%(#/F1#./&#%'44/F104(./F1.(#H.?.(G.(#KY(#./&.&#I.(#G.7.1(0.L
40.&# 96Q0W.# '&0.(# ;C.(/:%4# T/0.(%0'(6J?.&# I.(# 6.0W0.&# $%1(.#
I.4# b8"# $%1(1'&I.(04# \&/F10# W'6.0W0# 13F17.%F10.0_"# Z%&# :%&&#
I%4#76%'G.&#G/4#C%.0.40.0#?/(I"#2.'0.#?'(I.#/F1#7.0.40.0"#
g&I#1.'0.#;G.&I#1%G.#/F1#C./&.#B(.&W..K'&I.&#\C./40#<366#
23F1%F10'&7_"# R3F1# /F1# 76%'G.))# 4.6G40# ./&# Z%/6.()# ./&# V301#
3I.(# ./&# H.663?)# ?Q(.&# 4/.# 1.'0.# >%F1C/00%7# C/0# '&4# /&# I%4#
B.?QF141%'4#7.0(.0.&)#?.6F1.4#4/F1#W?/4F1.&#I.(#;6I.&#=0(..0#
'&I# I.(# E46.# ;<.&'.# G.K/&I.0# \?3# .4# %&# ./&.&# 131.&# H(.00.(L
W%'&# 7(.&W0)# I.(# C/0# HMUVMUM># 5MVHiUM>L=F1/6I.(&# G.I.F:0#
/40_)#?Q(.&G./#I.C#5.(4'F1#W'#G.4F1(./G.&)#?%4#%'K#I.(#%&I.L
**&!
(.&# =./0.# I.(# UY(# 6%7)# <.(W%70"# 5/.66./F10# ?Q(.# &'(# ./&# 93.0# L#
./&# P%66%F.# 3I.(# ./&# U"="# M66/30# L# I/.4.(# ;'K7%G.# 7.?%F14.&#
7.?.4.&"#;G.(#I%#4/.#&'&#C%6#&/F10#I3(0#?%(.&)#C'44#/F1#C./&#
G.40.4# <.(4'F1.&"# R/.# 40Q(:40.# MCXK/&I'&7# ?%()# ./&.# B(.&W.#
/&# ./&.# %&I.(.# P.60# YG.(0(.0.&# W'# 1%G.&)# ./&# G.Q&740/7.&I.4#
x:34j40.C# 7/7%&0/4F1.(# ]%(&.)# X(Q1/403(/4F1.(# HQ'C.)# '&I#
YXX/7.&# K(.CI%(0/7.&# T%'G4"# EF1# :%&&# &/F10# 4%7.&)# I%44# /F1#
&/F10# ./&/7.# I.(# 9K6%&W.&# .(:%&&0# 1Q00.)# ?./6# /F1# .4# 0%0"# R.&#
W.&0(%6.&#R'(F17%&7#G.7(.&W.&I)#43#W'4%CC.&7.I(Q&70)#I%44#
I%4# T%'K.&# %&I.(4# %64# 1/&0.(./&%&I.(# '&CJ76/F1# ?%()# ?%(.&#
W'C#H./4X/.6#./&K%F1.#]%(&.)#%66.(I/&74#'&7.?J1&6/F1#7(3N#7.L
?%F14.&# '&I# 13F1# \V37.(# G.40Q0/70.# I%4)# C./&0.# .4# 4./.&#
7(JN0.&0./64# YG.(7(3N.# H3403&# '&I# ](%'.&1%%(K%(&._"# H./I.#
=./0.&#I.4#R'(F17%&7.4#'C4Q'C.&I)#%&#I.44.&#[3XK4./0.#?/(#
40%&I.&)#/1(.#K3(4F1.&I.&#=X(JN6/&7.#L#V1/W3C.#?%()#?.&&#/F1#
C/F1#(.F10#.(/&&.(.)#I%4#P3(0)#I%4#V37.(#G.&'0W0.#L#4F16Q&7.6L
0.&# 4/F1# YG.(# W.(4X('&7.&.# 4F1C'0W/7# 3(%&7.K%(G.&.# [%F1.6&#
?/.#GY4F1.6/7.#U.&0%:.6"#$.&4./04#<3&#/1&.&#%'K#G./I.&#=./0.&#
YG.((.%70.&# 4/.# /&# ./&/7.&# ]Q66.&# I.&# 7%&W.&# P.7# W'# I.C#
4F1C'0W/7.&# B6%4# %&# I.(# =X/0W.# I.4# B.?QF141%'4.4)# ?3# 9%6L
C.&)# H%&%&.&GQ'C.# \0./6?./4.# :3CX6.00# C/0# ?/&W/7.&# HYL
4F1.6&# 1Q&7.&I.(# 7(Y&.(# H%&%&.&# I/.# ?/.# E&4.:0.&:3:3&4#
%'44%1.&_#'&I#7(3N.(#HY4F1.6#V13I3I.&I(3&)#C./40#7(Y&#%G.(#
1/.(# '&I# I%# %'F1# C/0# H6Y0.&# 3I.(# ./&7.(3660.&# [&34X.&# <3&#
;W%6..&"# R/.4.# (/.4/7.&# [6'CX.&# ?%(.&# /(7.&I?/.# K'(F10.((.L
7.&I# /&# /1(.(# T.G.&4:(%K0"# E1(# :3CX%:0.4# B(Y&# .(4F1/.&# G.L
I(316/F1)# 4F1/.&.&# W'# <.(4X(.F1.&)# /1(.# P/&0.(('1.# W'# '&0.(L
G(.F1.&# KY(# ./&.# ;66.(7/.# /&# I./&.C# [3XK# '&I# I./&.# >%L
4."""G.<3(#4/.#I/F1#./&?/F:.60#'&I#W'#U3I.#I(YF:0"#g&I#.4#?%(#
1./N"# EC# HY(3# ?%(.&# .4# </.66./F10# ,8# B(%I# 7.?.4.&# 3I.(# 43)#
%G.(#1/.(#?%(.&#G.40/CC0#+8#3I.(#437%(#*88"#R%CXK.&I#I%W')#
I/.#T'K0#4/F:.(0.#KJ(C6/F1#<3(#].'F10/7:./0""#OH31O)#4%70.#V37.(#
C/0#./&.(#?/&W/7.&)#%0.C634.&#=0/CC."#M(#&%1C#4./&.&#Z%&0.6#
C/0# I.&# :%(7.&# H.?.7'&7.&# ./&.4# =F16%K?%&I6.(4)# '&I# /F1#
C%F10.# .4# /1C# &%F1"# OB'0.(# a1(/40)# $31&&j"# B'0.(# a1(/40# '&I#
;66CQF10/7.("O# M(# 7/&7# I.&# B%&7# 1/&'&0.()# 40(./K0.# I%G./# C/0#
4./&.C# Z%&0.6)# I.&# .(# YG.(# I.&# ;(C# 7.6.70# 1%00.)# I/.# YG.(L
1Q&7.&I.&#-?./7.#I.(#7(3N.&#]%(&.#'&I#4F1%'0.#4/F1#C/0#?./L
0%'WK7.(/44.&.&# '&76Q'G/7.&# ;'7.&# 'C"# OV37.()# </.66./F10# /40#
I%4# :./&.# 43# 7'0.# EI..O)# 4%70.# /F1"# O5/.66./F10# 43660.&# ?/(# ./&L
!
**'!
K%F1"""O# ;G.(# .(# 4F1.&:0.# C/(# :./&.(6./# ;'KC.(:4%C:./0)# %643#
G../60.#/F1# C/F1# 1/&0.(# /1C"# >%F1# I(./N/7#]'N#3I.(# 43# :(.'W0.#
./&#?./0.(.(#B%&7#'&4.(.&"#P/.#'C#'&4#I..0W0.'((.%6.&#
2%'F1# W'# <.(C/00.6&)# ?%(# /C# =F1C'0W# %'K# '&4.(.(# =./0.# I.(#
[(.'W'&7#./.(:.1(44F1/6I#./&7.XK6%&W0"#M/	K./6#I.(#7.(%I.L
%'4#?/.4#?%(#C/0#2EMV#C%(:/.(0"#R/.#%&I.(.&#G./I.&#V/F10'&L
7.&# ?%(.&# C%(:/.(0# C/0# RiVU# '&I# RiVU# RVnHM>"# M4# ?Q(.#
&.00#7.?.4.&#%&W'&.1C.&)#h.C%&I#1Q00.#YG.(#=/&&#KY(#2'C3(#
<.(KY70)#</.66./F10#/&4X/(/.(0#<3&#T.?/4#a%((366)#%G.(#/F1#&%1C#.4#
&/F10# %&)# %66.(I/&74# &/F10"# R/.# =F1/6I.(# .(4F1./&.&# /(7.&I?/.#
03I.(&40"#\iG?316#/F1K(./#W'7.G.)#I%44#I%4#&'(#C./&#M/&I('F:#
7.?.4../&#C%7#L#/F1#?%(#&/F10#/&#I.(#]3(C#P/0W.#W'#?Y(I/L
7.&_#EF1#4F16344#W'#V37.(#%'K#'&I#I(Q&70.#/1&#?/.I.()#W'(YF:L
W'7.1.&"# M(# 4F1/.&# C/F1# ?/.I.(# &/F10# W'# 1J(.&"# OR%4# /40# '&L
?/(:6/F1O)# 4%70.# .("# O$31&&j)# I%4# /40# %G436'0# '&?/(:6/F1"O# EF1#
:3&&0.# C/F1# &/F10# .&04F1./I.&)# 3G# /F1# .4# C3F10.# $31&&j# 7.L
&%&&0#W'#?.(I.I.(#&/F10#L#.4#/40#./&#=X/0W&%C.#I.&#/F1#&/F10#
C.1(# 7.1J(0# 1%G.# 4./0# /F1# %'K# I.(# $'&/3(# 2/71# ?%("# P/.# I%4#
'&?/(:6/F1.# R%4./&# <3&# Z4"# H%(K/.6I4# B.?QF141%'4# 4F1/.&# C/(#
./&.# H.C.(:'&7# I%(%'K# YG.(K6Y44/7"# M4# ?%(# 3KK.&4/F106/F1# L#
&/F10# ./&K%F1# <3(# '&4)# YG.(%66# 'C# '&4# 1.('C"# EF1# 4F1?/0W0.#
4F13&# I'(F1# C./&# =1/(0)# '&I# C./&# 2.(W4F16%7# I(J1&0.# C/(# /&#
I.&# i1(.&# ?/.# ./&.# U(3CC.6"# OR3(0# /40# 2.6/301(3XO)# 4%70.# .()#
I%(%'K# 1/&?./4.&I"# O2/G/4:'4# ?QF140# 76./F1# I%&.G.&# '&I# I%L
1/&0.("# ;G436'0# .(K367(./F1# I/.# 7%&W.# ;(G./0"# [%&&40# I'# I.&#
2/G/4:'4# (/.F1.&fO# EF1# 1%00.# I.&# 2/G/4:'4# 7.4.1.&)# I%W'# ./&#
R'0W.&I# %&I.(.(# 9K6%&W.&# '&I# %&I.(.(# I'K0.&I.(# [(Q'0.()# .0L
?%4# 43# ?/F1# ?/.# I/.# RQCC.('&7# /&# 936j&.4/.&)# .0?%4# 4F1%(K#
'&I#G/00.("#M/&#:%'.(&I.(#=F1/.(6/&7#'&I#./&.#7(3N.#M/G.#?'F1L
4.&#%&#I.(#1./C0YF:/4F1.&#MF:.)#%&#I.(#?/(#40%&I.&)#4F1/.&.&#
'&4#C/0#/1(.(%((.&#-?./7.&#&%F1#'&4#W'#K%44.&"#;G.(#'&0.(#
%66# I/.4.&# 7.C/4F10.&# B.(YF1.&# ?%(# I/.4.(# ./&.)# I/.4.(# K6./L
4F1/7.#T./F1.&1%66.&7.('F1"#2/0W.?.66.#/C#0/.K.&#=YI.&)#I%F10.#
/F1"#-'.(40#I%4#-'7?(%F:)#I%&&#I.(#=0(3C%'4K%66"$.0W0#4/&I#I%#
!8# T./F1.&# I(/&)# /&./&%&I.(7.(3660)# G.7/&&.&# 4/.# W'# 40/&:.&)#
=37%(#C/0#%66#I/.4.&#H6'C.&"#M/&/7.#I.(#T./F1.%G.&#I/.#;'L
7.&# 7.JKK&.0)# 40%'G/7# '&I# 6..()# ?/.# =0./&.# /&# ./&.(# 0(3F:.&.&#
B('G."""# OV37.("""O# EF1# 4F1%'0.# W'(YF:# %'4# I.C# R(./.F:# <3&#
M/G.# '&I# =F1/.(6/&7# \EF1# :3&&0.# C/(# &/F10# <3(40.66.&)# ?/(# /(L
7.&Ih.C%&I#436F1.#HQ'C.#/./&.C#B.?QF141%'4#%&XK6%&W.&#
**(!
?3660.)# %G.(# 4/.# ?%(.&# I%_# '&I# V37.(# ?%(# 7.7%&7.&"# EF1# ?%(#
%66./&"#R%&%1#/F1#./&.&#P/(G.6#4./&.4#Z%&0.64#'&0.&#W'#C./L
&.(# (.F10.&)# .&06%&7# I.C# C%(:/.(0.&# R'(F17%&7# RiVU"# EF1#
./60.# 1/0.(# /1C# 1.()# I%&&# 403XX0.# /F1)# 7(/KK# /&# C./&.# 234.&0%L
4F1.# '&I# G(%F10.# ./&# W.(:&Y660.4# 9%X/.(# 1.(<3("# M4# ?%(# C./&.#
[3X/.# <3&# 2%(63?# M&I.(4# Z.C3)# I%4# C/0# I.(# <.((YF:0.&# ;'KL
K3(I.('&7)# ?/(# 43660.&# I(./# >.?# @3(:# U/C.4# H.404.66.(# 6/.K.(&)#
.&0?.I.(#%'4#I.(#IY&&.&#T'K0#3I.(#'&4.(.&#./7.&.&#S(4F1.&)#
?%4# C/(# /(7.&I?/.# .(K367<.(4X(.F1.&I.(# <3(:%C"# EF1# (/44# ./&#
=0YF:F1.&#<3&#I.(#MF:.#%G)#:&Y660.#.4#%'K#'&I#'&I#?%(K#.4#%'K#
I/.# Z/00.# I.(# [(.'W'&7# <3&# 2EMV)# RiVU# '&I# RiVU# RVnHM>"#
EF1#G.3G%F10.0.#?/.#.4#%'K#I.(#4F1C'0W/7.&#[%F1.6#%'KX(%660.)#
I%&&#./60.#/F1#1/&0.(#V37.(#1.("#EF1#KY160.#C/F1#%G4'(I.(?./4.#
?/.#2Q&I.6)#I.(#<3&#B(.0.6#/C#=0/F1#7.6%44.&#?3(I.&#?%("#;'K#
I.(# RiVUL=0(%N.# :(3F1.&# I/.# ]%(&.# '&I# I.(# H3403&.K.'# &3F1#
&Q1.("# R/.# H6Q00.(# ?/4X.(0.&# '&%&7.&.1C# %64# 3G# 4/.# %&# C./L
&.C# W'&.1C.&I# I%CXK.&I.(.&# =1/(0# .&06%&71'4F10.&"# 53(&#
4%1#/F1#?/.I.(#I.&#Z%&0.6#K6%00.(&#'&I#./&.&#<3&#V37.(4#=F1'L
1.&# G.<3(# .(# <.(4F1?%&I)# I/.4C%6# 6/&:4# <3&# C/("# OV37.(`O#
G(Y660.#/F1"#OP/(40#I'#'C#2/CC.64?/66.&#%'K#C/F1#?%(0.&fO#EF1#
(/44# ./&# ?./0.(.4# =0YF:# 9%X/.(# <3&# M&I.(4# Z.C3# %G)# ?%(K# .4#
?.7# '&I# 0(300.0# I.&# &.'.&# 9K%I# .&06%&7# /&# V37.(4# V/F10'&7"#
2/.(#?%(#I.(#P.7#&/F10#<3&#]%(&.&#K6%&:/.(0#43&I.(&#G./#YG.(L
7(3N.&#[%:0..&)#1.667(Y&#%&#I.(#H%4/4)#4/F1#W'(#=X/0W.#1/&#<.(L
hY&7.&I# C/0# 7.6G.&# =F1%00.&)# 4/F1# /&# :('CC.&# ;(C.&# <.(L
W?./7.&I)# %66.# C/0# I/F:.&# >%I.6&# G.40YF:0# I/.# /&# 7%(40/7.&#
40'CXK.&#R3(&.&#.&I.0.&"P/.#I/.#-?./7.#I.4#]%&(4)#I/.#%'4L
4%1.&)#%64#3G#4/.#%'K#I.	K%I#W'7(/KK.&"#R/.#;(C.#I.4#[%:0'4#
W'#G.(Y1(.&#?Y(I.#&/F10#././4.4#7%(40/7.4#]6Y40.(.(<3(('L
K.&"# P.&&# C%&# I/.4.# G.(Y1(0.)# ?Y(I.# H6'0# K6/.N.&"# P.&&# 4/.#
.0?%4# &Q1.(# ?%F14.&# ?Y(I.&)# :J&&0.# &/.C%&I# 1/&I'(F1)#
I%F10.#/F1)#'&I#I%&&#K/.6#C/(#./&)#I%44#I/.4.(#R'(F17%&7)#?.&&#
V37.(#'&I#/F1#<.(4'F1.&#?Y(I.&#/1&#W'(YF:W'7.1.&)#<.(4X.((0#
?Q(."#R/.4.(#i(0#?%(#./&#E((7%(0.&"#M/&.#]%66."#g&I#.(#6.G0."#EF1#
G.C.(:0.)# I%44# /F1# C.1(# 1J(.&# :3&&0.# %64# &'(# I%4# =F16%7.&#
C./&.4# 2.(W.&4"# R%# ?%(# %'F1# ./&# 6./4.)# 7.IQCXK0.()# 4F1C%0L
W.&I.(# [6%&7)# %64# 3G# h.C%&I# 31&.# </.6# ;&40%&I# ./&.# ='XX.#
4F16Y(K.&#?Y(I."#>'(#I%4#I%4#:6%&7#?/.#./&.#7%&W.#Z.&7.#<3&#
h.C%&I.&"#R%&/&7#C/(#.0?%4#%&I.(.4#I'(F1#I.&#[3XK"#V3L
7.(#?%(#&/F10#C.1(#<3(#C/("#V37.(#C'440.#<3C#R4F1'&7.6#.(L
!
**)!
?/4F10# ?3(I.&# 4./&)# '&I# /F1# K3670.# /(7.&Ih.C%&I)# I.(# 4./&.&#
Z%&0.&# '&I# ./&.&# 4./&.(# =F1'1.# 7.40316.&# 1%00."# EF1# ?'(I.#
7.63F:0)#/&4#-.&0('C#7.63F:0)#?3#./&.#7/7%&0/4F1.)#K6./4F1K(.4L
4.&I.# 9K6%&W.# %'K# C/F1# ?%(0.0.)# ./&.# 5.&'4K6/.7.&K%66.)# ./&.#
P.(K.(XK6%&W.)# </.66./F10# ./&.# =3(0.# CJ(I.(/4F1.&# P./&4"# ;G.(#
/F1#:%C#%&#I/.#&QF140.#MF:.#\./&#=F1/6I#C%(:/.(0.#I/.4.#R(./L
P.7.L[(.'W'&7# %64# 2E>nHMV^# -gVna[)# '&I# R;2E>UMV_# '&I#
V37.(# 40%&I# I3(0)# I.&# Z%&0.6# &'&# <3&# ./&.(# 2%&I# 1.(%G1Q&L
7.&I)#I%4#=1/(0#%C#VYF:.&#:6.G.&I)#I%(%'K#./&.#I'&:6.#H%'CL
K3(C"EF1# .(?%(0.0.# 1%6G?.74# /1&# %'K# I.C# R%CC# ./&.4#
R4F1'&7.6K6'44.4# 40.1.&# W'# 4.1.&)# ./&# 0(Q7.(# >.G.&K6'44# I.4#
;C%W3&%4# 3I.(# I.4# i(/&3F34# I.(# 4F1C%0W.&I# I'(F1# I/.# Z/00.#
<3&# a.&0(%6# ]%664)# V13I.# E46%&I)# K6344"# M4# 7%G# :./&.&# ]6'44)#
%G.(# I.(# B.('F1# ?%(# I/F10.(# '&I# 4F1Q(K.()# '&I# I/.4.(# B.('F1#
I%('&0.(# &%F1# <.(I3(G.&.C# ]6./4F1# ?%(# 437%(# 40Q(:.("# R/.#
[3CG/&%0/3&#?%(#G/00.(#7.&'7)#C/(#/&#I/.#>%4.#W'#40.F1.&#'&I#
C./&.#;'7.�(Q&.&#W'#6%44.&"#OB.1#&/F10#&%F1#(.F104O)#4%70.#
V37.()#/CC.(#&3F1#%G.?4.&I"#OB/K04'C%F1)#B/K0./F1.#'&I#B/K0L
.K.'"#;66.4#?QF140#W'4%CC.&"O# EF1# 4F1%'0.#C/F1#'C#'&I#4%1#
./&.&# C%44/<.# HJ4F1'&7# X36/.(0.(# H6Q00.()# I/.# C./40.&# 7(Y&)#
./&/7.# GJ4.# 4F1%(6%F1(30)# %66.# 4F1/.&.&# /1(# 7/K0/7.4# x6# %'4W'L
0(3XK.&"# H.(Y1(# I/.# =F1./N.# '&I# I'# ?/(40# I/F1# ./&# $%1(# 6%&7#
h'F:.&)#I%F10.#/F1"#O$31&&j"r#
qP/(# CY44.&# (%'4# 1/.(O)# 4%70.# /F1"# R%&&# KY70.# /F1# 1/&W'#
O]%664#?/(#I.&#P.7#K/&I.&)#C./&#/F1"O#P.41%6G#?%(.&#?/(#YG.(L
1%'X0# 1/.(# 1/&./&# 7.7%&7.&f# P%('C)# ?3# I3F1# I.(# [.6()# I.(#
'&4#I.&#P.7#W./70.)#43#3KK.&4/F106/F1#030#4./&#C'440.f#EF1#1%0L
0.#:./&.#;1&'&7"#P/(#CY44.&#<.(1.e0#7.?.4../&"#>%0Y(6/F1#
?%(# V37.(# P%I.# <.(1.e0"# M(# 4X(%F1# ?/.I.(# C./&.&# >%C.&# L#
O$31&&jO)# %64# 3G# /F1# &/F104# 7.4%70# 1Q00."# OP%4O)# K(%70.# /F1)#
4F1%'0.# C/440(%'/4F1# %'K# I/.# 76Q&W.&I.# Z%44.# C/0./&%&I.(#
<.(C/4F10.(# B/K0./F1.)# ='C%F1# '&I# MK.'4"# R.(# 4%GG.(&I.#
4F1C%0W.&I.#[6%&7#?%(#&'&#./%&W.4#=0YF:#&Q1.("#R/.#C.&L
4F1.&K(.44.&I.#9K6%&W.#43(70.#4/F1#31&.#-?./K.6#'C#/1(#M44.&"#
>.?#@3(:#T.:03(LU%(0%()#?/.#6.F:.("#OR%4#/40#%66.4#7/K/07O)#4%70.#
.(# ?/.I.(# C/0# I/.4.(# <.(0(Q'C0.&# =0/CC."# OB/K0# 3I.(# 2%66'W/L
&37.&.#3I.(#G./I.4"#R%4#/40#R%0'(%)#I3(0)#7.?J1&6/F1.(#>%C.#
$/C43&# [(%'0# """O# M(# W./70.# %'K# ./&# 4F1.'N6/F1# ?/6I.4# 7(Y&.4#
B.?QF14#I%4#%'44%1#?/.#./&#U./F1#40.1.&I.&#P%44.(4"#O"""'&I#
R%(6/&703&/%""h3.LXj.L[(%'0"""I3(0# /40# >/:30/&# '&I# >%F104F1%0L
*"+!
0.&"""]/&7.(1'0"""M'X13(G/%)# I/.# 7.KQ1(6/F1.# ]3(C# I.(# P36K4L
C/6F1"""a1(/40'4)# /F1# 76%'G.)# I%4# ./&.# /40# ./&# >%F10G6Y1.("O# M(#
I.'0.0.# %'K# ./&.# (/.4/7.# 9K6%&W.# I.(.&# H6Y0.&# 4/F1# W/.640(.G/7#
I.C# 7(%'.&# T/F10# W'?%&I0.&"# V37.(# ?%&I0.# 4/F1# W'# C/(# 'C"#
Og&I#=%F1.&#I/.#/F1#&/F10#:.&&.)#./&.#Z.&7.#I%<3&"r#
q=/.# .(:.&&.&# I/.# ;&01'(/.)# &%0Y(6/F1O)# 4%70.# ./&.# %CY4/.(0#
:6/&7.&I.# =0/CC.# 1/&0.(# '&4"# P/(# ?/(G.60.&# 1.('C# '&I# I%#
40%&I#./&.#:6./&.#](%'#C/0#./&.C#CQ&&6/F1.&#B.4/F10)#7(%'.C#
:'(W.&# 2%%(# '&I# ./&.C# '&0.(4.0W0.&# [J(X.("# =/.# 0('7# ./&.#
7(%'.# P/6I6.I.(LH%4:.&CY0W.# '&I# (%'F10.# ./&.# -/7%(.00."# =/.#
4%1# YG.(1%'X0# &/F10# G../&I('F:.&I# %'4"# OR/.4.# ./&.# /40# &/F10#
7.KQ1(6/F1)# 3G?316# &%0Y(6/F1# I/.# H6Q00.(# <3&# I.C# V1%G%(G.(#
/1(.# 5.(I%''&7# G../&0(QF10/7.&# :J&&.&)# /F1# ?Q(.# &/F10# YG.(L
(%4F10)#?.&&#.4#KY(#/CC.(#?Q(.#L#'&I#I/.#2Y64.&#I.(#P/40%(/.#
4/&I#%'F1#7%&W#4F1.'N6/F1"#P.(#<3&#E1&.&#/40#$31&#[.&03&fr#
qEF1O)#4%70.#/F1#Og&I#=/.#4/&I#Z(4"#H%(K/.6I"r#
qZ/44O)# 4%70.# 4/."# OEF1# G(%'F1.# I/.4.&# 7%&W.&# X36/0/4F1# :3(L
(.:0.&# Z/40# &/F10"# 2%G.# /F1# &/."# E1(# H'(4F1.&# 43660.0# G.44.(#
&/F10#1/.(#I(%'N../&"r#
qEF1# ?./NO)# 4%70.# /F1# IY40.("# ZJ76/F1.(?./4.# 1Q00.# /F1# &3F1#
./&/7.4# C.1(# 7.4%70)# %G.(# G.<3(# /F1# I%4# 0'&# :3&&0.)# C%F10.#
U/&%# H%(K/.6I# .0?%4# .(40%'&6/F1.4"# =/.# 13G# ./&.&# ]'N)# I.(# /&#
./&.C# X(%:0/4F1.&# =F1'1# 40.F:0.)# I(YF:0.# /1(.# -/7%(.00.# %'4#
'&I#1/.60#4/.#&.G./F1)#?3#./&#-?./7#4F1?.(#C/0#2Y64.&#G.L
40YF:0.#/(7.&I./&.(#=3(0.#YG.(#I.	K%I#1/&7"#\EF1#:3&&0.#&/F10#
C.1(#<3&#./&.C#R'(F17%&7#(.I.&)#4.6G40#?.&&#.(#C/0#W.(4X6/0L
0.(0.&# 3(%&7.K%(G.&.&# [%F1.6&# %'47.6.70# ?%("# P/(# ?%(.&# /C#
R4F1'&7.6)# '&I# ?.&&# I'# I3(0# G/40# K36740# I'# 9K%I.&# '&I# &/F10#
R'(F17Q&7.&"""?.&&# I'# B6YF:# 1%40# '&I# ./&.&# K/&I.40# C./&.#
/F1_#M/&.#I.(#2Y64.&#G(%F1#%'K)#?'(I.#W'#./&.C#:6./&..K(QL
N/7.&#Z'&I"#M4#K(%N#/1(#I/.#&3F1#/CC.(#t'%6C.&I.#-/7%(.00.&L
:/XX.# %'4# I.(# 2%&I# '&I# I%&&# 4F16344# .4# 4/F1# 4.6G40# ?/.I.("#
OB'0.(#B300O)#4%70.#V37.(#1./4.("#OM4#/40#./&.#;(0#]6/.7.&K%66."O)#
4%70.# I/.# ](%'# 76./F17Y60/7"# OR%4# I'CC.# R/&7# K(/440# %66.4"# R'#
I.&:40#.4#?Y(I.#?Y(7.&)#%G.(#&.."#R%#=/.#&'&#C%6#1/.(#4/&I)#
?/66#/F1#E1&.&#?%4#W./7.&"O##
O=/.#G.(Y1(0.#'&4#<3/&0.&#'&I#4F1(/00#I.	K%I#1/&'&0.()#
4F1%'0.#4/F1#&/F10#./&C%6#'C)#3G#?/(#/1(#%'F1#K3670.&""""?%4#?/(#
0%0.&"# =/.# 0(%0# &%F1# 6/&:4)# (.F104)# I%&&# ?/.I.(# (.F104"# PQ1L
(.&II.44.&# ?'(I.# I/.4.(# '&(1j01C/4F1.# 4F1C%0W.&I.# [6%&7#
!
*"*!
/CC.(#40Q(:.("#EF1#G.C.(:0.)#I%44#4/.#./&.&#X(./4.6G..(K%(G.L
&.&#;&W'7#0('7)#h.I.4#=0YF:#43#X(%:0/4F1#?/.#/1(.#=F1'1."#=/.#
?%(#G.:6./I.0#?/.#./&.#](%')#I/.#G.4F1QK0/70#?%(#'&I#./&/7.4#W'#
.(6.I/7.&# 1%00."# $.0W0# :%&&# /F1# C/F1# .(/&&.(&# ?/.# <.(4F1(.F:0#
/F1#?%()#%G.(#&'(#<%7."#P/.#4/F1.(#/F1#?%()#I%44#?/(#&/.#?/.I.(#
<3&# I/.4.C# .&04.0W6/F1.&# I%CXK.&I.&# i(0# ?.7:%C.&"# R%&&#
.((.F/10.# 4/.# ./&.# 6.0W0.# MF:.# '&I# 1/.60# %&"# P/(# 4F16344.&# '&4#
/1(# %&"# O2./6/7."""=F1./N.O)# K6Y40.(0.# /F1"# 53(# '&4# .&I.0.# I.(#
9K%I"#iI.(#</.66./F10#?%(#.(#YG.(?'F1.(0"#R/.#9K6%&W.&#I/.#I.&#
P.7#<.(4X.((0.&#G/6I.0.&#./(%'4F1?%(W.4#B.40(YXX)#'&I#%&#
/1(.&#-?./7.X(344.&#H6'C.&#L#/F1#76%'G.)#I%44# .4#H6'C.&#
?%(.&#L#I/.#(34%(30#?/.#/&K/W/.(0.#P'&I.&#%'44%1.&"#=/.#?%(.&#
6%&7)# ?/.# T/6/.&# :'(W# <3(C# M(G6Y1.&)# '&I# 4/.# JKK&.0.&# '&I#
4F16344.&# 4/F1# 6%&74%C)# C%F10.&# I%G./# I/.4.4# 4F1C%0W.&I.#
B.(Q'4F1"# M(40# h.0W0# I%# ?/(# I/(.:0# <3(# /1&.&# 40%&I.&# :6%&7# .4#
&/F10# C.1(# 6Q&7.(# ?/.# =F1C%0W.&"# M4# :6%&7# ?/.# =X(.F1.&"# M4#
7/G0#./&.	'&:0#%&#I.C#I.(#5.(40%&I#.&0?.I.(#W.(G(/F10#3I.(#
4/F1# 4.6G40# %G4F1300.0"# EF1# ?./N# I%4# h.0W0"# EF1# ?%(# %'K# ./&C%6#
C.(:?Y(I/7# ('1/7# ?/.# &3F1# &/.# W'<3("# ;'K# ./&.(# G.40/CC0.&#
MG.&.# ?'440.# /F1# I%44# /F1# I3(0# ?%()# %'K# I/.4.# 4F1.'N6/F1.&)#
6./4.L4X(.F1.&I.&# H6Y0.&# 4F1%'0."# ;G.(# %'K# ./&.(# %&I.(.&#
<.(?%(K# /F1# I%4# <J66/7"# EF1# ?%(# W'# 2%'4."# E&C./&.C# H.00"# M4#
C'440.#43#4./&"#EF1#1%00.#I.&#P.F:.(#YG.(1J(0)#I%4#?%(#%66.4"#
EF1#?%(#&/F10#%'K7.40%&I.&#'C#.1.(#%64#V37.(#/C#HY(3#W'#4./&)#
%G.(#I%4#?%(#/&#i(I&'&7"#Z.1(#%64#/&#i(I&'&7"#P./6)#?.&&#/F1#
6.0W06/F1#%'K?%F10.#?Y(I.#I%4#%66.4#<3(G./#4./&"#OP%4#/&#B300.4#
>%C.&# /40# I%4fO)# K(%70.# V37.("# U/&%# H%(K/.6# 4F1%'0.# C/F1# C/0#
13F17.W37.&.&# ;'7.&G(%'.&# %&"# M4# ?%(# I.(# ;'4I('F:# ./&.4#
T.1(.(4)# I.(# ./&.&# =0'I.&0.&# %'K(/.K)# I.(# I/.# ;&0?3(0# G.44.(#
?/44.ꪌ."#OR%4#4/&I#-'&7.&O)#4%70.#/F1"#OM(/&&.(40#I'#I/F1#
%&# I.&# H(/.Kf# =/.# 4%70.# .0?%4# I%<3&)# I%44# I/.# -'&7.&# %&7.L
K%&7.Q00./F1#W'#G.?.7.&"r#
qB'0# KY(# 4/.O)# 4%70.# I/.# ](%'"# O5/.66./F10# 4/&I# 4/.# &/F10# 43#
I'CC# ?/.# 4/.# 1%&I.60.&# %64# 4/.# W'C# .(40.&# Z%6# C/0# a%(634#/&#
[3&0%:0# :%C.&"O# M/&.&# Z3C.&0# 4%70.# :./&.(# <3&# '&4# /(7.&L
I.0?%4"# P/(# 4F1%'0.&# ./&K%F1# %'K# I/.# 4/F1# JKK&.&I.&# '&I#
4F16/.N.&I.&# H6Y0.&)# I.(.&# (30.4# E&&.(.4# W?/&:.(0."# R.(# ?./L
F1.)# W%1&634.# K6Y40.(&I.# [6%&7# I(Q&70.# C/F1)# C/(# I/.# i1(.&#
W'W'1%60.&"# M4# ?%(.&# G./&%1.# P3(0."# M/&# K%40# ?/(:6/F1.4# B.L
4X(QF1"# ;F1# Z/40"# =0(./F1# I%4"# M4# ?%(# ./&.# (/F10/7.# g&0.(1%6L
*""!
0'&7"# O-'&7.&fO)# K(%70.# V37.("# OM4# 4/&I# P/0?.&W'&7.&O)# %&0L
?3(0.0.# U/&%# H%(K/.6I"# OE&# C%&F1.&# .'(3XQ/4F1.&# TQ&I.(&# G.L
:%&&0# %64# 2.e.&W'&7.&# 3I.(# P./G.(# I.4# 5.(I.(G.&4"# P/44.&#
4/.#?3(YG.(#4/.#4X(.F1.&#Z("#[.&03&fr#
qnG.(#'&4O)#4%70.#/F1"#O[J&&.&#?/(#1/.(#(%'4f#EF1#KY16#C/F1#
.0?%4#C%00"r#
qEF1# %'F1O)# 4%70.# V37.("# OV%'47.1.&# ?Q(.# ?./4."O# =/.# ?.L
I.60.#C/0#/1(.&#;(C.&#%64#3G#4/.#I/.4.#7%&W.#P.60#&%44.(#9K6%&L
W.&#'&I#40%(:.&#B.(YF1.#'CK%44.&#?3660."#OR%4#/40#./�(%&4L
X%(.&0.(# i(0)# /CC.(# 7.?.4.&"# $.0W0# /40# .(# I'(F16Q44/7.(# %64#
h.C%64# W'<3("# =.1(# 7.KQ1(6/F1)# I%4# /40# ]%:0"# ;G.(# 4/.# C'440.&#
.4# 4.1.&)# 'C# W'# <.(40.1.&"# R/.# R'&:6.&# ZQF10.# 1%G.&# 4/F1#
G.K(./0"# R/.# U%04%F1.)# I%44# ./&# 1/(&634.4# ;(4F163F1# ?/.# a%(634#
4/.# 6347.6%44.&# 1%0# C%F10# :./&.&# g&0.(4F1/.I"# M(# ?/(I# G.W%1L
6.&)# &%0Y(6/F1"# M4#/40# '&:6'7)# G.40/CC0.# [(QK0.# W'# 4.1(# W'# G.L
./&K6'44.&"# [3CC0# $'&74"O# EF1# C3F10.# .4# &/F10# <3&# /1(# $'&7.#
7.&%&&0#W'#?.(I.&)#%G.(#/F1#?%(#G.(./0?/66/7#7.&'7#/1(#W'#K36L
7.&)#76%'G#C/("#=/.#KY1(0.#'&4#4F1&.66#'&I#31&.#W'#WJ7.(&#W'L
(YF:"# M/&C%6# 4%1#/F1)# ?/.# 4/F1# ./&.# .(I<.(:6'CX0.# P'(W.6# %'4#
I.C# T%'G# %'K# I.(# 6/&:.&# =./0.# I.4# RiVULP.7.4# 4F16Q&7.60.#
'&I# 'C# /1(.&# =F1'1# ?/F:.60."# =/.# (/44# /1(.&# ]'N# '&7.I'6I/7#
W'(YF:)#0(%0#&%F1#I.(#P'(W.6#31&.#4/.#%'F1#&'(#%&W'4.1.&"#R/.#
7%&W.# -./0# YG.(# :3&&0.&# ?/(# I/.4.4# 6./4.)# K6Y40.(&I.)# 4F1C%0L
W.&I.# B.(Q'4F1# 1/&0.(# '&4# 1J(.&"# -'&7.&)# ?%F:.6&I"# EF1#
4F1%'0.#('&0.(#&%F1#I.&#W'4%CC.&7.(3660.	%X/.(:Y7.6F1.&)#
I/.# /F1# ?.77.?3(K.&# 1%00.)# %G.(# 4/.# ?%(.&# ?.7"# M0?%4# 1%00.#
&%F1# /1&.&# 7.4F1&%XX0# 43# ?/.# I/.# P'(W.6# &%F1# U/&%# H%(K/.6I4#
=F1'1# 1.4F1&%XX0# 1%00.# '&I# C./&.# Z%(:/.('&7.&# /&4# g&0.(L
136W# 7.?/4F10"# EF1# ?%(# &/F10# YG.((%4F10"# -'# I/.4.C# -./0X'&:0#
1Q00.# .4# C/F1# &/F10# C.1(# YG.((%4F10)# ?.&&# $31&# ]"# [.&&.Ij#
;(C# /&# ;(C# C/0# ;I36K# 2/06.(# %'4# I.C# B.GY4F1# 7.4F16.&I.(0#
?Q(.&"#EF1#1%G.#:./&.&#M4X(.443#C.1("#EF1#1%G.#C/(#7.4F1?3L
(.&#I%44#/F1#C/F1#1.'0.#;G.&I#&/F10#G.0(/&:.&#?.(I.#%G.(#/F1#
1%G.#./&.#]6%4F1.#=F30F1#/&#I.(#[YF1.#'&I#/F1#G(%'F1.#&%F1#%66#
I.C# ./&# G/44F1.&# I%<3&"# B.(%I.# h.0W0"# ;'4# C.I/W/&/4F1.&#
B(Y&I.&"# P.&&# .4# 43&40# &/F104# &Y0W0)# </.66./F10# 403XX0# .4# I%4#
-/00.(&# C./&.(# 2Q&I."# EF1# CJF10.# I%4# G/4# Z/00.(&%F10# K.(0/7#
1%G.&"# \4XQ0.(_# >/F10# 4F16/CC"# Z/0# 2/6K.# I/.4.4# =0Q(:'&74C/0L
0.64#?.(I.#/F1#G/4#Z/00.(&%F10#K.(0/7#4./&"#g&I#1/.(#7/G0#.4#:./&.#
P./04F1?./K/7:./0)# 76%'G# C/("# EF1# 4F1(./G.# 43# 4F1&.66# ?/.# /F1#
!
*"#!
:%&&)# &'(# I%4# %G436'0# ?/F10/740.""".4# &/.I.(W'4F1(./G.&# KY160#
4/F1#43&I.(G%(#7'0#%&)#?/.#I%4#P/.I.(K/&I.&#<3&#B.KY16.&)#<3&#
I.&.&# C%&# 76%'G0.)# I%44# 4/.# KY(# /CC.(# 7.7%&7.&# 4./.&"# EF1#
KY16.#C/F1#&3F1#0%'C.6/7#<3&#I.&#M(./7&/44.&#I.4#U%7.4)#'&I#
I%# /40# ./&.# MCXK/&I'&7# %64# 3G# /F1# C/F1# <3&# 0%'4.&I# R/&7.&#
K(./7.C%F10#1Q00.)#I/.#/F1#KY(#?/F10/7#1/.60#L#./%&W.(#2%'K.&#
B.I%&:.&#'&I#P%1(&.1C'&7.&#L#%G.(#/F1#G/&#%'F1#'&6.'7G%(#
.(6./F10.(0"#P.&F13+&40#&/F104)#43#/40#I%4#I3F1#W'#.0?%4#
7'0# 7.?.4.&D# :./&# B.I%&:.# %&# V'01# U%&%:%"# 2.'0.# %G.&I#
?.&&#/F1#%&#V'01#I.&:.#.(4F1./&0#4/.#C/(#4.1(#:6./&)#?/.#./&.#
9.(43&)# I/.# C%&# I'(F1# I%4# K%64F1.# M&I.# ./&.4# U.6.4:3X4# G.L
0(%F10.0"# R%4)# K/&I.# /F1)# /40# ./&.# M(6./F10.('&7"# P/(# ?%(.&# /&#
:Y(W.40.(#-./0#W'(YF:#/C#HY(3)#U/&%#H%(K/.6I#I/F10#%'K#I.&#].(L
4.&"# M4# ?%(# ?%(C# /C# HY(3# %64# ?/(# <3&# I(%'N.&# (./&:%C.&)#
%G.(#&%F1I.C#?/(#%'4#I.C#B.?QF141%'4#W'(YF::.1(0.&#KY160.#
.4# 4/F1#/C#HY(3#%&7.&.1C#:Y16#%&"#V37.(#4F16YXK0.#/./&.&#
Z%&0.6#'&I#/F1#0%0#.4#/1C#76./F1"#R.(#Z%&%N#7.&%'#I%)#?3#
.(#7.4.44.%00.)#&'(#I%44#.(#I/.#-./0'&7#?/.I.(#<3(#I%4#B.L
4/F10# 7.13G.&# 1%00."# H%(K/.6# KY1(0.# '&4# %&# /1C# <3(G./# \EF1#
1'4F10.# C/0# ./&.C# =./0?Q(044X('&7# <3(G./)# I%F10.# %&# I/.4.&#
23((3(K/6C# ?3# I/.# 2%&I# X6J0W6/F1# %'4# I.C# B(%G# 4F1344# '&I#
&%F1# ./&.C# I.(# U..&%7.(# 7(%G4F10._# /&# ./&# :6./&.(.4# HY(3"#
R/.4.(# V%'C# .&01/.60# ./&.&# =F1(./G0/4F1)# ./&.&# Z.0%66:6%XXL
40'16# '&I# ./&# =F1?%(W.4# H(.00"# R/.# =X/0W.# I.4# =F1(./G04/F14#
?%(# G/4# %'K# ./&.&# [('7I.F:.6# 6..()# /&# I.(# ./&.# Z.&7.# %'47.L
I(YF:0.(#-/7%(.00.&:/XX.%7.&#'&I#./&.C#[3(G#C/0#&/F104#%64#
./&.C# U%G6.00# I%(/&"# R%4# =F1?%(W.# H(.00# ?%(# 6..(# G/4# %'K# ./&#
X%%(#V./NW?.F:.&#/&#./&.(#:6./&.(.&#MF:."#M4#7%G#./&#X%%(#H/6L
I.(1%:.&# ('&I1.('C# K6.F:/7)# h.I.(# <3&# ./&.(# <.(4F1?3CC.L
&..66.(.&#]3(C#F(.CK%(G.&.(#U%X.0.#'C7.G.&"#H./#I.(#UY(#
40%&I.&# I(./# K6300.# [3KK.(# I.(4.6G.&# X(./4.6G..(K%(G.&.&# UJL
&'&7# ?/.# I.(# ;&W'7# I.(# ](%')# %G.(# /F1# C'440.# 4/.# &/F10# %&L
4F1%'.&#'C#W'#?/44.&)#I%44#U/&%#H%(K/.6I#&/F10#6Q&7.(#/C#H6'L
C.&1%'4#G6/.G#"""3I.(#/&#a.&0(%6#]%664"#EF1#76%'G.#I%#/40#.0?%4#
%&#I.C#%60.&#=F1./NL;(4F1#[.&03&#I%4#I/.#T.'0.#<.(%&6%440#/&#
/1(.#P%&I.(4F1'1.#W'#40./7.&#'&I#I/.#=0%I0#W'#<.(6%44.&"#R%4#
/40#./&#U(.&I#I.(#C/0#V'01#G.73&&.%0)#?.&&#/F1#43#YG.(6.7."#
H%(K/.6I# 4.0W0.# 4/F1# /&# I.&# =.44.6# &.G.&# I.&# =F1(./G0/4F1# '&I#
:(%C0.#/&#/1(.(#$%F:.&0%4F1.#&%F1#-/7%(.00.&"#OEF1#?Y(I.#.'F1#
h%#./&.`%0W#%&G/.0.&#$'&74O)#4%70.#4/.#O%G.(#?/.#/1(#4.10#4/&I#
*"$!
I/.#=/0W7.6.7.&1./0.&#G.7(.&W0"O#;64#4/.#./&.#-/7%(.00.#%'4#I.(#
9%F:'&7#:63XK0.#4F1%'0.#4/.#V37.(#:(/0/4F1#%&"#O=/.#4.1.&#%'4#
?/.#=F1./N.)#Z("""/F1#1%G.#/1(.&#>%C.&#&/F10#G.1%60.&"r#
qV37.(#P%I."#EF1#KY16#C/F1#?/.#=F1./N."r#
q=/.#?.(I.&#C/(#I3F1#&/F10#'C:/XX.&)#3I.(fr#
qEF1#76%'G.#&/F10"#[J&&0.#/F1#./&.#-/7%(.00.#1%G.&fO#=/.#G.L
0(%F10.0.#I/.#9%F:'&7)#I%&/.60#4/.#4/.#/1C#1/&"#V37.(#&%1C#
./&.#C/0#W/00(/7.(#2%&I"#=/.#1/.60#C/(#I/.#9%F:'&7#1/&"#EF1#?366L
0.# 7.(%I.# %G6.1&.&)# I%&&# &%1C# /F1# ./&."# EF1# X%KK0.# ?/.# ./&#
a366.7.h'&7.# L# .4# 4F1/.&# .0?%4# W'# 4./&)# ?%4# C%&# 0%0)# ?.&&#
C%&# :(.%0/<# ?%()# 6%&7.4# 2%%(# '&I# $.%&4# 0('7# L# 4./0# I%C%64#
1%00.#/F1#.4#&/F10#C.1(#7.0%&"#R/.#4F1/.&#C/(#./'0.(#;'7.&L
G6/F:# 'C# ?/.I.(# %&W'K%&7.&"# P.&&# 2"# 9"# T3<.F(%K04# >.:(3&3L
C/:3&# ?%1(# ?/(I)# ?.&&# -'&7.&# ?%F:.6&)# ?/(I# I.(# .1.C%6/7.#
V%'F1.(# 4/F1# ?/.I.(# 4./&.C# T%40.(# W'?.&I.&"# M(# ?/(I# 437%(#
G/4# W'# I(./# 9QF:F1.&# X(3# U%7# (%'F1.&"# g&I# ?Q1(.&I# C/(# I%4#
I'(F1#I.&#[3XK#7.10)#:%&&#/F1#7.&%'437'0#G.:.&&.&)#I%44#I.(#
I3XX.60.#M4X(.443#&/F10#%66.4#?%()#?%4#/F1#/&#I.C#:6./&.&#[3L
(.%&/4F1.&# T%I.&# %&# I.(# MF:.# 7.1360# 1%G."# EF1# 1%G# %'F1# ./&#
9QF:F1.&# a%C.6# 7.&3CC.&"# R/.# 31&.# ]/60.("# B.1.&# =/.# &/F10#
YG.(# T34)# 4%CC.6&# 4/.# :./&.# b88# R366%(# ./&)# 7.1.&# 4/.# I/(.:0#
W'C# T'&7.&:(.G4"# a%(634# K(Y1.(.# a1.K/&# W37# ./&.# 9%F:'&7#
=0(./F11J6W.(# %'4# I.(# -.663X1%&<.(X%F:'&7# I.(# -/7%(.00.# 1.(L
<3()#WY&I.0.# ./&4#%&)#I%&%G#4/.#V37.(#'&I#C/(#].'.("#R%L
&%F1# 4F1Y00.60.# 4/.# I%4# 236W# %'4)# ?%(K# .4# /&# I.&# [('7I.F:.6)#
(/44# ./&# %&I.(.4# %&# '&I# G(%&&0.# /1(.# ./7.&.# -/7%(.00.# %&"#
O>/.C%64# I(./# C/0# ./&.CO)# 4%70.# 4/."# OH(/&70# 9.F1"# H.43&I.(4#
?.&&# C%&# (./40"# P.&&# /1(# <.((./40# $'&74# G(%'F10# /1(# %66.4#
B6YF:)#I%4#/1(#:(/.7.&#:J&&0"O#EF1#&%1C#./&.�/.K.&#-'7)#I%(L
%'K# 7.K%440)# I%44# C/(# 4F1?/&I.6/7# ?Y(I."# R%4# 7.4F1%1# &/F10"#
EF1#1'40.0.#&/F10#./&C%6"#M4#?%(#%64#1Q00.#/F1#&/.#I%C/0#%'K7.L
1J(0"# R%4# 4%70# %66.4# ?%4# W'# 4%7.&# /40# YG.(# C./&.&# 5.(40%&I#
'&I#C./&.#B.KY16."#OP31/&#K%1(.&#=/.fO)#K(%70.#V37.("#=/.#4%1#
/1&#:Y16#%&"#OR%4#G(%'F1./.#&/F10#W'#?/44.&)#C./&#](.'&I"#
P%4#4/.#?/44.&#CY44.&)#:%&&#/F1#/1&.&#/&#KY&K#Z/&'0.I.(#43#
.(WQ16.&"# P%4# 7%&W# 7'0# /40"O# =/.# 4F1%'0.# %'K# /1(.# g1("# OM4# /40#
h.0W0#7.&%'#</.(0.6#&%F1#./&4"""O#nG.((%4F10# 4%1#/F1#%'K#C./&.#
./7.&.# g1("# =/.# 1%00.# (.F10"# B.(%I.# C%6# ./&.# =0'&I.# 4./0# ?/(#
%'4#I.C#9/67.(#%'47.40/.7./&I"#M/&.#Z.&7.#?%(#4./01.(#7.L
4F1.1.&"#P/(#?%(.&#Q60.(.#'&I#:6Y7.(.#ZQ&&.("#g&I#%'F1#<.(L
!
*"%!
Q&740/70.# ZQ&&.("# O"""'&I# /F1# 1%G.# I.(# U%e/LB.4.664F1%K0# 7.L
4%70)#4/.#4366.&#XY&:06/F1#*"p8#g1(#./&#U%e/#1/.(#1%G.&"#=3G%6I#
I/.4.# =/(.&.# .(0J&0)# $'&74)# /40# I/.# [3&K.(.&W# <3(G./"# O=/.# 4/&I#
./&.#2.e.)#40/CC04fO)#4%70.#/F1"#O=/.#4/&I#./&.#2.e.)#a%(634#/40#
./&# -%'G.(.(# '&I# .4# 7/G0# 0%04QF16/F1# ./&.# ;(0# 2.e.&4%GG%0# /&#
a.&0(%6# ]%664"# R%4# /40# ?/."""O# ;G.(# I%4# ./&W/7.# ?%4# C/(# ./&K/.6#
?%(#V34.C%(j4#H%Gj#'&I#I%4#:6%&7#I'CC"#=/.#?.I.60.#'&7.L
I'6I/7#C/0#I.(#2%&I)#./&.#=X'(#G6%'L7(%'.&#V%'F14#1/&0.(#4/F1#
6%44.&I"# OP/(# 4/&I# &/F10# 1/.(# 'C# '&4.(.# -./0# C/0# =0(./0# 'C#
P3(0.# W'# <.(4F1?.&I.&)# 3I.(f# R%4# ?Q(.# .(40:6%44/7# I'CC"#
P.&/.#C/F1#./&.#2.e.#&.&&.&#?366.&)#K./&)#h%)#/F1#G/&#./&.#
2.e."# g&I# ?.&&# 4/.# ./&.# B('XX.# T.'0.)# I/.# C./40# W'4%CC.&#
I%4# i'/h%LH(.00# G.&'0W.&# '&I# 0.'K6/4F1.# =F1/&:.&4%&I?/F1.4#
.44.&#./&..e.&0(.KK#&.&&.&)#<3&#C/(#%'4"#;G.(#C%F1./.#
&/F10#I.&#].16.()#<3&#a%(634#%64#-%'G.(.(#W'#4X(.F1.&"#a%(634#
/40# ./&# EI/30"# ;G.(# ./&# 7.KQ1(6/F1.(# EI/30"# M/&# CQF10/7.(# EI/30"#
B6YF:6/F1.(?./4.#L#KY(#.'F1#$'&74#L#/40#.(#%'F1#./&.#;(0#B36I.4L
4.6"# iI.(# :J&&0.# .4# 4./&"# a%(634# /40# .0?%4# ?/.# I/.# R/&7.# I%#
I(%'N.&#/C#B.?QF141%'4"#]/&7.(1'0#W'C#H./4X/.6"#Z%&#/440#.4#
/&#I.&#PQ6I.(&)#.4#:%&&#I%4#2.(W#%&1%60.&#?/.#./&.#G/66/7.#U%L
4F1.&'1("#;G.(#?.&&#C%&#.4#G.%(G./0.0#'&I#/&h/W/.(0"""r#
qH6/0W4F1&.66)# R/7/0%6/4)O)# 4%70.# V37.("# OB/G# I/.4.C# $'&7.&#
I/.#=/.7.(X'XX.O)#4%70.#4/.#&/F:.&I"#OEF1#1%G.#:./&.#-./0)#.'F1#
H'(4F1.&# ./&.# :3CX6.00.# B.4F1/F10.# I.(# R'&:6.&# [Y&40.# '&I#
ZQF10.#W'#.(WQ16.&"#;'N.(#KY(#](.%:4#/40#I%4#43#6%&7?./6/7#?/.#
/(7.&I.0?%4";'N.(I.C#?Y(I./.#&/F10#I/.#2Q6K0.#I%<3L%'L
G.&"r#
q>%F1I.C#?%4#?/(#7.4.1.%G.&)#?Y(I.#/F1#%66.4#76%'G.&O)#
C'(C.60.#V37.("#=/.#/&1%6/.(0.#0/.K#I.&#V%'F1#/1(.(#-/7%(.00.)#
/1(.# >%4.&6JF1.(# ?./0.0.&# 4/F1)# I%&&G6/.4# 4/.# W?./# V%'F1K%1L
&.&# %'4"# OH364F1.?/:.&`# R/.# T.'0.# 4%7.&# 40Q&I/7# =%F1.&# ?/.#
I/.4.)#'&I#.4#4F1./&0#?%1(#W'#4./&"#P%1(#KY(#./&.#Z/&'0."#M(L
4X%(.&# 4/.# C/(# I%4)# 7(3N.(# $'&7.)# 4/.# ?Y(I.&# &/F10# I/.# 2Q6K0.#
I%<3&# 76%'G.&"# ;G.(# =/.# 76%'G.&# </.66./F10# 7.(%I.# 7.&'7)# 'C#
I.C# ;'KC.(:4%C:./0# W'# 4F1.&:.&)# ?%4# /F1# /1&.&# 4%7.&# ?/66"#
R.41%6G#1%G.#/F1#4/.#1.(G.40.660)#3:%jfO#=/.#I(YF:0.#/1(.#-/7%L
(.00.#/C#[('7I.F:.6#%'K#'&I#G6/F:0.#'&4#I'(F1#I.&#%'K40./7.&L
I.&#V%'F1#%&"#OT.:0/3&#./&4)#](J406.(D#P%4#/CC.(#a%(634#/1&.&#
.(WQ160#1%0)#&.1C./.#.4#%64#?%1(#1/&"#M(#/40#W'#I'CC#'C#W'#
6Y7.&"# P%4# /CC.(# 4/.# %'K# I.&# H/6I.(&# 7.4.1.&# 1%G.&)# I/.# .(#
*"&!
/1&.&# 7.4F1/F:0# 1%0)# .4# /40# G'F140QG6/F1# ?%("# P%4# I/.# 9K6%&W.#
G.0(/KK0)# I/.# .(# 7.4F1/F:0# 1%0"""G.&'0W.&# 4/.# 4/."# P%('C# <.(L
I%CC0#&3F1#C%6#%'F1#&/F10f#=/.#43660.&#?.&/740.&4#.0?%4#I%L
<3%G.&)#4./#.4#&'(#KY(#I/.#gC40Q&I.)#I/.#.(#/1&..C%F10#
1%0"#5.(?.&I./.#4/.)#%G.(#<3(4/F10/7)#'&I#6%44./.#4/.#&/F10#
W'#7(3N#?.(I.&"#R%4#i'/h%#4%70.#=Ea2MV)#%64#/F1#.4#K(%70.)#/C#
Z3C.&0#/40#%66.4#3:%j#KY(#4/."#M4#?/(I#H6'0<.(7/.N..G.&)#I%4#
/40#'&<.(C./I6/F1)#%G.(#?.&/.#:./&.#2/6K.#G.:3CC.&#:J&&.&#
I/.#I'&:6.&#ZQF10.#&'(#<3&#/1(.(#./7.&.&#;(0#&.1C.&"#=3#6%&L
7.# ?/.# /1(.# &.'.# -/CC.(XK6%&W.# :./&# '&4F1'6I/7.4# H6'0# G.L
:3CC0#/40#%66.4#/C#7(Y&.&#H.(./F1""":'(WW./0/7#W'C/&I.40"#R%4#
i'/h%#4%70#=Ea2MV"#=3660./.#&%0Y(6/F1#W'#6%&7.#I%C/0#1.('CL
4X/.6.&)# ?/(I# .4# K(Y1.(# 3I.(# 4XQ0.(# h.C%&I.&# .(?/4F1.&"# R%4#
/40# ./&K%F1# ./&.# T.G.&4?./41./0"# R.(# 9'&:0# /40# I.(D# P.&&# 4/.#
.(1%60.%G.&)#?%4#4/.#G(%'F1.&)#7J&&./.#I.(#9K6%&W.#./&.#
:6./&.# RRULR'4F1."# =./.&# 4/.# &/F10# 7/.(/7"# ;I/34# MK.'"# ;I/34#
a%(634"# OM4# 7/G0# :./&.# 9K6%&W.O)# 4%70.# /F1"# OEF1# C./&.)# .(#
4F1(/.G#C/(#./&.&#H(/.K#/&#I.C#.(#C/(#<.(4X(%F1#./&.#W'#4F1/:L
:.&)#%G.(#.(#1%0#./&#?/(:6/F1#X./&6/F1.4#94.'I3&jC#G.&'0W0#I%4#
/F1# 43K3(0# I'(F14F1%'0."# EF1# 4F1/F:0.# V/II6.j)# .(# /40# '&4.(#
9340G.%'K0(%70.()# ./&# Z.C3# /&# I.C# /F1# /1&# %&?/.4# 4/.# /&# I.&#
ZY66# W'# ?.(K.&)# 43660.# 4/.# :3CC.&"# =3# ?./0#/F1# ?./N)# :%C# 4/.#
&/.#%&"r#
q=/.#:%CO)#4%70.#V37.(#6./4."#OP%4f#P%&&f#R%4#C'44#7.?.L
4.&# 4./&)# &%F1I.C# V/II6.j# W'(# H..(I/7'&7# <3&# 4./&.(# Z'00.(#
7.K%1("""r#
q>..O)# 4%70.# V37.("# O=/.# :%C# <3(1.("# V/II6.j# 4.0W0.# 4/.# /&#
/1(.&# ./7.&.&# :6./&.&# U3XK)# %'4# I.C# 4/.# K%40# (%'47.?%F14.&#
/40"#R%4#<.(I%CC0.#R/&7#?'F1.(0#?/.#g&:(%'0"O#M(#G6/F:0.#U/&%#
H%(K/.6I#%&D#OP.&/.#I.&#;'4I('F:#.&04F1'6I/7.&"r#
qP.41%6G#&/F10f#M4#/40#g&:(%'0"#M/&.#.1.(#4X.W/.66.#]3(C#<3&#
MK.'# /CX3(0/.(0# %'4"""&%)# 4%7.&# ?/(# <3&# ./&.C# %&I.(.&# i(0"#
H.6%44.&#?/(#.4#I%G./)#$'&74)#?%4#C./&0#/1(fr#
qEC#E&0.(.44.#./&.4#4F1&.66.5(0(%74#I.&:.#/F1#I.(#iXK.(L
%(4F1#4%70#/4#/I&'&7O)#%&0?3(0.0.#V37.(#'&I#/F1#G(%F1#%'4#
<366.C# 2.(W.&# '&I# YG.((%4F10# /&# 4F1%66.&I.4# B.6QF10.(# %'4"#
M/&.&#;'7.&G6/F:#3I.(#W?./#4XQ0.()#40/CC0.#U/&%#H%(K/.6#./&"#M4#
C%F10.#'&4#&/F10#W'#](.'&I.&)#7'0.(#B300#&./&)#%G.(#.4#63F:.(L
0.#I/.#;0C34X1Q(.#.0?%4#%'K"#M4#7%G#'&4#./&#B.KY16#I.(#P/(:L
6/F1:./0# W'(YF:)# .7%6# ?/.# '&%&7.G(%F10# .4# 7.?.4.&# 4./&# C%7"#
!
*"'!
V37.(#?%&I0.#4/F1#W'#C/(#'C)#./&#?.&/7#.&04F1'6I/7.&I#4%1#.(#
C/F1#%&D#OR%4#?%(#.4#?%4#/F1#I/(#1.'0.#Z3(7.&#W./7.&#?3660.O)#
4%70.# .("# OR/.# 9K6%&W.# /&# V/II6.j4# [%CC.("# EF1# ?%(# &.'7/.(/7#
?.7.&# 2.(G# '&I# =%&I(%4# Z.C34"""I.(# 7'0.# B.('F1# <3&# I.C#
4/.#G.(/F10.0.&#I(%&7#1.(%'4"""'&I#/F1#7/&7#(./&#'C#C%6#&%F1L
W'4F1%'.&"#EF1"""r#
qE1(#$'&74#:J&&0#.'F1#I.%&W.&#P.7#&%F1#>.?#@3(:#I%(L
YG.(#%'40%'4F1.&O)#4%70.#H%(K/.6I"#OEF1#G//F1.()#.4#6Q440#I/.#
Z./6.&#?/.#/C#]6'7#<.(7.1.&"#EF1#4.6G40#:J&&0.#I%(%'K#<.(W/F1L
0.&"# g&I# I/.# -./0# 6Q'K0"# P/66# /(7.&Ih.C%&I# %'K# I.(# H%4/4# &3F1#
.0?%4# >/:30/&f# P/(# &%1C.&# G./I.# ./&.# -/7%(.00.)# 4/.# %'F1"#
R%&&#K3670.#I%4#V/0'%6#C/0#I.&#G./I.J6W.(&"#OP31.(#?/44.&#
4/.# I%44# ?/(# C/0# I.C# -'7# W'(YF:K%1(.&O)# K(%70.# /F1"# OigE$;fO#
EF1#1%G.#I/.4.#P/&I13<.(#HYF1.(#7.6.4.&O)#4%70.#4/.#3KK.&G%(#
31&.# H.W'7"# OV3C%&0/:# /40# /&# i(I&'&7)# %G.(# ?%4# /F1# ?/(:6/F1#
C%7# /40# I.(# (31.# =.e"O# =/.# C'40.(0.# '&4# C/0# 76Q&W.&I.&# ;'L
7.&)# </.66./F10# <.(4'F10.# 4/.# W'# .&04F1./I.&)# ?.(# <3&# '&4# W'#
(31.C#=.e#KQ1/7#?%("#O$.I.&K%664#G(%'F1.#/F1#:./&#i'/h%LH(.00#
'C# W'# ?/44.&)# I%44# ./&/7.# H'(4F1.&# I/.# KY(# I/.# B.4.664F1%K0#
%(G./0.&)# I/.# I/.4.# HYF1.(# 1.(%'47/G0)# ?%1(4F1./&6/F1# &/F10#
K6/.7.&#?Y(I.&"#OR%&:.#KY(#I/.#H6'C.&)#=YN.O)#4%70.#V37.("#M(#
4F1/.&#&/F10#G.6'40/70)#.(#:6%&7#?/(:6/F1#Q(7.(6/F1"#OP%4#/F1#?/4L
4.&# CJF10.O)# 4%70.# /F1)# O/40)# ?.41%6G# 4/.# '&4# %66# I/.4.# g&0.(L
40Y0W'&7#7.G.&"#OB'0.#](%7.O)#4%70.#V37.(#O2Y0.#I/F1#<3(#<.(L
XK6/F10.&I.&#B.4F1.&:.&#'&I#43"#P.&&#.4#I%4#/40)#XK./K.&#?/(#
I(%'K"# $.I.&K%664"""O# M(# 4F1%'0.# 4/F1# /&# I.C# 6..(.&# HY(3# 'C"#
O"""M4#4/.10#%66.4#I%&%F1#%'4)#%64#3G#4/.#/1(#T.G.&#'C:(.CX.6&#
?366.&"r#
q$3O)#40/CC0.#4/.#W'#'&I#.&0G6JN0.#W?./#V./1.&#?/&W/7.(#%G.(#
4F1%(KL?/(:.&I.(#-Q1&.#/&#./&.C#TQF1.&"#OZ/F1#%'4#I.C#[.(L
:.(#G.K(./0)#I%4#1%G0#/1("#P%4#/F1#<.(4'F1.#W'#0'&)#/40#.'F1#W'#
I%&:.&"#EF1#<.(4'F1.#%'F1#C/F1#4.6G40#<3(#a%(634#W'#4F1Y0W.&"#
R.44.&# >%F1('K# /1(# YG(/7.&4# G%6I# 6.4.&# ?.(I.0"# EF1# G/&# .(L
40%'&0)#I%44#.(#&/F10#4F13#/40"#M(#4/0#%'4#I.C#4F1Y0W.&I.&#
[(./4#1.(%'47.0(.0.&"#R%#4/&I#R/&7.#I(%'N.&"""O#=/.#40%F1#C/0#
I.(# -/7%(.00.# /&# V/F10'&7# B.?QF141%'4"""/F1# <.(C'0.# %'F1# W'#
I/.4.C# .0?%4# 7('4.6/7.&# 96%0W# I%1/&0.&"# O"""'&I# 4/.# 4/&I# %66.#
1'&7(/7"#;64#a%(634#/1&.&#I/.4.#H/6I.(#'&I#4./&#/I/30/4F1.4#Z%L
&'4:(/X0# 4F1/F:0.)# W'6.0W0# %'F1# &3F1# I/.# 9K6%&W.)# G30# .(# 4/F1#
4.6G40#I/.4.&#R/&7.&#%&"#;G.(#030#3I.(#6.G.&I/7)#.(#:%&&#C/F1#
*"(!
&3F1# :(/.7.&"# M4# 4./# I.&&# /F1# :(/.7.# I/.# [gV5M# ?/(:6/F1"O# EF1#
1J(0.# KJ(C6/F1# I/.# 5.(4%6/.&# /&# /1(.(# =0/CC."# V37.(# %'F1"EF1#
K(%70.#/1XQ0.()#OP%4#/F1#W'#0'.I.&:."O#=/.#4F1%'0.#?/.L
I.(# %'K# /1(.# g1("# O2J(0# C/(# W'# $'&74# '&I# 40.660# :./&.# ](%7.&#
C.1("#a%(634#Z%F10#1%0#.(#<3./&.(#Z'00.()#I/.#:./&.#EI/30/&#
?%("""%'N.(# /&# /1(.(# G6/&I.&# T/.G.# W'# /1(.C# =31&)# ?.6F1.# 4/.#
6.0W06/F1#'CG(%F10."#=./0#*+AA)#%64#I%4#7.4F1%1#/40#I/.#B('XX.#
1/.(#L#I.(#2.e.&:(./4#?.&&#.'F1#I%4#6/.G.(#/40)#3G?316#?/(#'&4#
4.6G40# &/.# 43# &%&&0.&# L# /&# a%(634# R.0?./66.(4# 2Q&I.&"# M4# 7/G0#
./&.#B.4F1/F10.#<3&#./&.C#Z%&&#&%C.&4#$.(3C.#H/eGj#I/.#OM4#
/40#./'0.4#T.G.&O#1./N0"#T.4./.#4/."#R/.#=/0'%0/3&#/&#I/.4.(#
B.4F1/F10.#/40#'&4.(."# a%(634#0J0.0.#4./&.#Z'00.(#L# .4#?%(#./&#
g&K%66"#R%#G/&#/F1#4/F1.()#%G.(#.(#0J0.0.#4/."#M(#0J0.0.#R3&)#C./L
&.&# Z%&&)# '&I# I%4# ?%(# :./&# g&K%66"# ;'F1# &/F10# I%4# ?%4# 2.(G#
2%740(3C# X%44/.(0."# 2.(G# ?%(# <.(C'06/F1# a%(634v# G.40.(#
](.'&I)#%G.(#.(#Q(7.(0.#/1&#'&I#.4#7%G#./&.&#;'03'&K%66"#2.(G#
?'(I.# I%G./# 7.:JXK0"O# V37.(# W'F:0.# W'4%CC.&"# EF1# :3&&0.#
KY16.&# ?/.# /F1# I%44.6G.# 0%0"# OR.(# V.40# <3&# '&4# YG.(6.G0.# ?./6#
?/(#<3(#a%(634#:%0WG'F:.60.&"""C%F10.&#G./#4./&.Ƶ.&%&&0.&#
1./6/7.&# =/0W'&7.&# C/0)# 3G?316# 4/.# /CC.(# 7.KQ1(6/F1.(# ?'(L
I.&"""'&I#?/(#YG.(6.G0.&"#;G.(#nG.(6.G.&#/40#&/F10#I%4#76./F1.#
?/.#T.G.&)#$'&74"#P%(#.4#&/.)#?/(I#.4#&/.#4./&"r#
qR.(#%60.#[.(6#4/.10#&/F10#%'4#%64#3G#.(#YG.(6.G0#1%0O)#4%70.#
V37.("#O>3(</66.O)#40/CC0.#4/.#W'"#Oa%(634v#6.0W0.4#iXK.("#[6/&70#
?/.# .0?%4# %'4# ./&.C# I.(# HYF1.()# I/.# 4/.# <.(6.7.&)# &/F10f# M(#
1%00.# 4./&# 6.G.&I.4# 2.(W# 7.(%I.?.74# %'4# I.(# H('40# 7.(/44.&)#
'&I# ?/44.&# 4/.# ?%('Cf# P/44.&# 4/.)# ?%4# I%4# 4F16/CC40.#
5.(G(.F1..7.&#a%(634#?%(f#>3(<#1%00.#/&#./&.(#>%F10#.0?%4#
P./&# L# I%4# ?%(# 'C# =/6<.40.(# 1.('C# L# '&I# .(# 4F16'7# a%(634#
I(./C%6#1/&0.(./&%&I.(#G./#O5.((YF:0.#;F10.&O"#a%(634#7.?/&&0#
7.(C#G./#I/.4.C#=X/.6"#]Y(#/1&#?%(#.4#"""./&.#H.6./I/7'&7"r#
qZ("# [..&# /40# ?/(:6/F1# 030O)# C'(C.60.# /F1"# EF1# C./&.)# /F1#
?'440.)# I%44# .(# I%4# ?%()# /F1# 76%'G.# /F1# ?'440.# .4# <3&# I.C#
Z3C.&0#%64#.(#4./&.#-./0'&7#1.(%G4/&:./.N#'&I#'&4#C/0#I/.L
4.&# K'(F10G%(# 40%'G/7.&# ;'7.&# %&4%1)# %G.(# I/.# 5.(&'&K0# /40#
1%(0&QF:/7"# -'C/&I.40# %C# 1.66/F10.&# U%7"# >'&)# &%F1# KY&K#
=0'&I.&# %&# I/.4.C# i6/<.00/)# C.(:.# /F1# I%44# /F1# :./&.(6./# 9(3L
G6.C# 1%G.# .4# 4F16/.N6/F1# W'# 76%'G.&"# P.&&# I/.# =3&&.# ?/.I.(#
%'K7.10#C%7#4/F1#I%4#?/.I.(#Q&I.(&)#%G.(#<3(.(40#KQ660#.4#C/(#
6./F10# ?%4# %'F1# /CC.(# W'# 76%'G.&"# OM(# /40# '&030O)# :3((/7/.(0.#
!
*")!
4/."#OM(#/40#./&#-3CG/."#P%4#/1&#W'C/&I.40#0./6?./4.#%C#T.G.&#
.(1Q60#/40#C./&.#YG.(&%0Y(6/F1.#[(%K0"#P.&&#/F1#7.7%&7.&#G/&)#
?/(I# .(# W'4%CC.&K%66.&"# >/F10# I%44# .(# I%4# ?./N# 3I.(# .4# /1C#
=3(7.&#G.(./0.0)#B300#4F1Y0W.#/1&"r#
qg&I# I/.# 9K6%&W.&# /&# I.C# B.?QF141%'4fO)# K(%70.# V37.("#
OP%4#/40#C/0#/1&.&fr#
qV13I.# E46%&I# M6.F0(/F# ?/(I# .<.&0'.66# I.&# =0(3C# %GW%16.&)#
?./6#&/.C%&I#G.W%160"#P.&&#I%4#T/F10#%'47.10)#<.(4F?/&I.0#I/.#
2/0W."# ;66.4# I%# I(%'N.&# ?/(I# 40.(G.&# '&I# I%4# /40# ./&.# H.K(./L
'&7"#EF1#G/&#.4#h.I.&K%664#CYI.#C%7/4F1.#9/6W.#%&#B('XX.&#<3&#
H/:.(&#'&I#%60./XX/.4#W'#<.(:%'K.&"#=F1./N#%'K#4/.#'&I#I/.#
(34%# 9K.(IF1.&# I/.# 4/.# (./0.&"O# 53&# I(%'N.&# I(%&7# I%4# 6%&7.#
$%'6.&#./&.(#2'X."#U/&%#H%(K/.6I#40%&I#'&<.(WY76/F1#%'K)#I(YF:L
0.# K6/&:# I/.# V.40.# /1(4# -/7%(.00.&40'CC.64# /&# I.C# [('7I.F:.6#
%'4"#OEF1#C'44#?.7O)#4%70.#4/."#OR.(#?./0.#P.60(%'C#.(?%(0.0#
C/F1"#>.&&0#C/F1#H'F:%(33#H%&W./"r#
q=/.#:J&&.&#&3F1#&/F10O)#4%70.#V37.("#OP/(#1%G.&#](%7.&"""r#
q$%)# h%)# (.F10)# (.F10O)# 4%70.# 4/."# OP.&&# ./&# H%'C# /C# P%6I#
KQ660# '&I# .4# 7/G0# :./&.&# ?./0# '&I# G(./0)# I.(# .4# 1J(0)# C%F10# .(#
./&#B.(Q'4F1f#P.&&#B300#I/.#P.60#4F1'K)#?.(#4F1'K#B300f#2%0#
$31&# [.&&.Ij# ?/(:6/F1# Z%(/6j&# Z3&(3.# 7.K/F:0O# 2.6K0# C/(# C/0#
C./&.&# U%4F1.&# '&I# </.66./F10# G.:3CC0# /1(# &3F1# ./&# X%%(#
;&0?3(0.&"O#EF1#&%1C#./&.#'&I#V37.(#&%1C#W?./"#U/&%#H%(K/.6I#
JKK&.0.# I/.# UY(# K.70.# 1/&%'4# /&# I%4# HY(3"# >3(</66.# [..&)# I.(#
'&030.#]63(/40#%'4#a.&0(%6#]%664)#1%00.#4./&.#-./0'&7#?/.I.(#4/&L
:.&# 6%44.&# '&I# 40%((0.# 7.(%I.%'4"# >./&)# 4./&.# H('40# G.?.70.#
4/F1# &/F10"# [./&# =0YF:"# E1&# %&W'4F1%'.&# 4F1C.(W0.# C./&.&#
5.(40%&I# 0/.K# %C# B('&I)# ?3# .(# &3F1# &/.# W'<3(# 7.0(3KK.&# ?3(L
I.&# ?%()# 43?./0# /F1# C/F1# .(/&&.(.# W'C/&I.40"# O>3(<O)# 4%70.#
4/.)# '&I# %64# .(# 4/.# &/F10# %&4F1%'0.# 4%70.# 4/.# .0?%4# :'(W# '&I#
7'00'(%6"#g16%17#L#43#:6%&7.#.4"#P%4#/CC.(#.4#?%()#.4#K'&:0/3L
&/.(0."#M(#40%((0.#1.('C"#OxKK.&#I./&#=1/(0)#>3(<r#
q>./&O)# 4%70.# V37.(# '&G.1%76/F1"# OR%4# /40# /&# i(I&'&7)# ?/(#
G(%'F1.&#&/F10"""r#
qEF1#I.&:.#4/.#G(%'F1.&O)#4%70.#4/."#;'K#I.C#VYF:?.7#W'C#
-'7# ?/(I# 4/F1# /1(.# YG6/F1.# ;(0# W'# I.&:.&# ?/.I.(# .(136.&# '&I#
4/.# ?.(I.&# %66.4# G.W?./K.6&)# ?%4# /F1# /1&.&# .(WQ160# 1%G."# R%4#
%G.("""I%4# ?/(I# 4/.# G/4# /&4# Z%(:# .(4F1Y00.(&"O# R%&&)# .0?%4#
4F1Q(K.(D# Og16%17`O# Z("# [..&# :&JXK0.# 4./&# =1/(0# %'K)# 6%&74%C#
%G.(#40.0/7"#M(#W37#.4#%'K)#.&0G6JN0.#4./&.#7(%'.)#G.?.7'&74L
*#+!
634.# H('40"# B.(%I.?.74# '&0.(# I.C# -.&0('C# G.K%&I# 4/F1# ./&.#
4F1(.F:6/F1.#G6'06..(.#P'&I.#?/.#./(3N.4#4.&:(.F10.4#Z%'6"#
R%(/&# :3&&0.&# ?/(# I%4# B('%# '&I# I/.# &%F:0.&# [&3F1.&# 4./&.4#
H('40G./&4# 4.1.&"# V37.(# ?%&I0.# 4/F1# %G)# ./&.# 2%&I# K'1(# W'#
4./&.C# Z'&I"# R%1/&0.(# .(0J&0.# ./&# 0(3F:.&.4# 1'40.&I.4# B.L
(Q'4F1"# P/.# G./# C/()# %64# /F1#1/&7.4.1.&# 1%00."# EF1# 76%'G0.# %6L
6.4"# O[&JXK# ?/.I.(# W'O)# 4%70.# U/&%# H%(K/.6I# '&I# >3(</66.# [..&#
7.13(F10.)# 4./&.# 6%&7.&# ]/&7.(# G.?.70.&# 4/F1# 7.&%'43# 6%&7L
4%C# ?/.# W'<3("# R/.# ](%'# ?%&I0.# 4/F1# W'# V37.(# 'C# '&I# 4%70.#
C/0#./&.(#=X'(#0YF:/4F1.C#2'C3(#/&#/1(.(#>.'7/.(D#O>'&#?.(L
I./.#31&CQF10/7)#h%f#=.1(#6%&74%C#(/F10.0.#4/F1#V37.(#%'K"#
M(#&%1C#I/.#2%&I#<3C#Z'&I"#=./&#B.4/F10#?%(#?./N#%G.(#7.L
K%440"# =./&.# T/XX.&# W/00.(0.&# &/F10"# EF1# ?%(# 4036W# %'K# /1&"# EF1#
?%(#%G.(#%'F1#.(40%'&0#YG.(#I/.#V.%:0/3&"#5.(40.140#I'f#V37.(#
C'440.# &/F10"# ;G.(# .(# G.1/.60# I.&# [%KK..# '&I# I.&# H%7.6# I(/&L
&.&"# O>./&O)# 4%70.# .(# O%G.(# I%&:.# I.(# >%F1K(%7."O# M(# C%F10.#
./&.#9%'4.)#I%&.0W0.#.(#1/&0.(1.(D#OZ/4040YF:"r#
qR/.4.4# Z/4040YF:# <.(4'F10# I/.# 7'0.# ]..# W'# 4X/.6.&O)# 4%70.#
4/."#OB.10#I%4#/&#/1(.&#[3XK#(./&#['CX.6fO#V37.(#13G#I/.#G./L
I.&#[3KK.(#%'K)#I%&F1?%&:0.#.("#EF1#&%1C#./&.&#'&I#.(#7%G#
C/(# ./&# I%&:G%(.4)# :(Q&:6/F1.4# TQF1.6&"# P/(# K3670.&# /1(# /&# I/.#
53(1%66."# R/.# T'K0# ?%(# I%CXK/7# '&I# :Y16# L# &/F10# C.1(# %64# !d#
B(%I#L#%G.(#/F1#1%00.#&/.#G.44.(.#T'K0#7.:340.0"#EF1#437#4/.#/&#
0/.K.&# -Y7.&# ./&)# (3F1# &'(# I.&# YG6/F1.&# B.40%&:# /&I'40(/.66.(#
;G7%4."#R3F1#&%F1#I.C#B.?QF141%'4#4F1C.F:0.&#./&/7.#[31L
6.&?%44.(403KK.# ?'&I.(<366"# ;C# B.140./7# 40%&I# ./&# U%e/# C/0#
(30.C# R%F1# /C# T..(6%'K"# O>3F1# ./&/7.# %&I.(.# =%F1.&O)# 4%70.#
H%(K/.6I"#=/.#?%(#h.0W0#7%&W#?/.#./&.#4F1%(K.#53(40%&I4F1.K/&#L#
=1.(?j&# V.IG3&.# 4.6G40)# </.66./F10# L# I/.# 7.(%I.# ./&# B.4F1QK0#
%G4F16344"PQ1(.&I# 4/.# 4X(%F1# 7/&7# 4/.# W'.(40# I/.# 4%6W<.(:('L
40.0.&# U(.XX.&# 1/&'&0.(# '&I# I%&&# I.&# W.(4X6/00.(0.&# H.03&L
?.7"#OM(40.&4)#?.&/.#1J(.&)#I%44#a%(634#030#/40)#7.10#I%C/0#
'C#%64#3G#.(#&3F1#6.G0."""I.&&#KY(#./&.#P./6.#?/(I#.(#I%4"#;64#
./&.#M(4F1./&'&7"r#
qP/.#I/.)#I/.#V/F1%(I#>/e3./C4'F10.O)#4%70.#/F1"#OB.&%')#
7.&%'"""O)# 4/.# 403XX0.# %C# M&I.# I.(# I(./# =0'K.&)# ?3# I.(# HY(L
7.(40./7# G.7%&&# '&I# 4F1%'0.# C/F1# ?/(:6/F1# 4.1(# 4F1%(K# %&"#
OP31.(#?/44./.#I%4fO#H.<3(#/F1#%&0?3(0.&#:3&&0.)#%&0?3(L
0.0.# 4/.# 4.6G40"# Oa%(634)# &%0Y(6/F1"# ;64# .(# &3F1# 6.G0.# XK6.70.#
>3(<# /CC.(# W'# /1C# W'# 4%7.&# L# a%(634)# I'# ?/(40# I/F1# 030G%GL
!
*#*!
G.6&)#?.&&#I'#&/F10#%'KX%440#L#?%4#<.(I%CC0#&%1#%&#I.C#/40)#
?%4#.(#7.0%%0"r#
q$.I.&K%664)# a%(634# ?/(I# &/F10# 6%&7.# 1.('C1Q&7&)# .(# ?/(I#
&/F10#KQ1/7#I%W'#4./&"#-?./#Z3&%0.)#</.66./F10#I(./#I%#I(%'N.&"#
P./6#.(#G6JI#/40"#R%4#2/(&#WQ160)#437%(#%'K#I.(#%&I.(.&#=./0."O#
M/&C%6#C.1(#1J(0.#/F1#I/.#5.(4%6/.&"#=/.#7/&7#I/.#=0'K./&'&L
0.(#W'C#HY(7.(40./7"#R.(#U%e/K%1(.(#40/.7#%'4#'&I#JKK&.0.#I.&#
[3KK.((%'C"# P/(# <.(40%'0.&# I/.# U%4F1.&# &.G.&# <.(4F1/.I.&.&#
./&7.X%F:0./I.3:%44.00.&#I/.#/&#C./&.&#L#W'7.7.G.&#'&.(L
K%1(.&.&#L#;'7..40316.&#%'44%1.&"#O2'4F1./.#W'(YF:#/&#
/1(#;'03)#7(3N.(#$'&7.O)#4%70.#U/&%#W'#I.C#U%e/K%1(.("#OEF1#G/&#
76./F1#G./#/1&.&"r#
q-./0#/40#B.6I)#T%Ij"r#
q>./&O)#4%70.#4/."#O-./0#/40#&/F104#%&I.(.4#%64#-./0"#T34)#C%L
F1./.#/1(#=F1/6I#%&#?.&/.#4/F1#I%&&#G.44.(#KY16.&"O#R.(#
]%1(.(#W37#4/F1#%'K#4./&.&#=/0W#W'(YF:"#U/&%#?%&I0.#4/F1#./&C%6#
C.1(#W'#'&4#'C#L#./&.#7.XK6.70.#:6./&.#](%')#4F1CQF10/7#%G.(#
G(./0#/&#I.&#=F1'60.(&#'&I#I.(#2YK0.)#/&#/1(.&#G.40.&#V./4.%&L
W'7# 7.:6./I.0# '&I# I/.# 4F1/F:.# H%4:.&CY0W.# %'K# I.C# [3XK"#
OH.1%&I.6&# 4/.# /1&# %64# 3G# .(# &3F1# 6.G0.O)# 4%70.# 4/."# OP/.# I/.#
9K6%&W.)#4/.#?/(I#G%6I#%&K%&7.&#W'#%(G./0.&"""r#
q=/.#1%0#4F13&#%&7.K%&7.&O4%70.#/F1)#I.&&#&'&#<.(40%&I#/F1#
./&.# Z.&7."# EF1# 1%00.# 4/.# &3F1# &/F10# 7.4.1.&)# %G.(# /F1#
<.(40%&I# ./&.# Z.&7."# 2.(G# G.:3CC0# ./&.&# 2%'F1# <3&# /1(# %G#
'&I# 1%0# I/.# EI..# W'# R.4# U.'K.64# B.&.(%6"# =%&I(%# G.:3CC0#
./&.&#T'K0W'7#%G#'&I#1%0#I/.#EI..#W'#./&.C#H'F1#.(4F1(.F:.&L
I.(# P/0W."# H%(K/.6I# 13G# ./&.# 43(7KQ60/7# 7.W'XK0.# ;'7.&G(%'.#
%'K# C/F1"# OP/.# I.(# Z%&&# 4%70D# =31&)# I'# 1%40# &3F10# &/F104#
?/(:6/F1#7.4.1.&O#=/.#G(%'F10#H6'0#'C#?/(:6/F1#634W'6.7.&)#%G.(#
:./&.# =3(7."# R%4# H6'0# I%4# 4/.# 4/F1# &.1C.&# ?/(I# /40# I%4# H6'0#
I.4#HJ4.I.(#I%4#H6'0#I.(#P%1&4/&&/7.&"#;&I.(4#%64#'&4.(.#
G.4F1.'.(0.&#B.(/F10.#'&0.(4F1./I.&#I/.#ZQF10.#I.(#]/&40.(&/4#
&/F10# W?/4F1.&# G./I.C"# g&I# h.I.4# '&4F1'6I/7.# H6'0)# I%4# .4#
0(/&:.&#:%&&)#:%&&#&'(#<3&#.'F1#H'(4F1.&#:3CC.&"#;643#7.G0#
.4#/1(#./&K%F1#&/F10"r#
qP3KY(#1%60./.#'&4O)#K(%70.#V37.("#=/.#?%(K#/1C#./&.&#WjL
&/4F1.&#H6/F:#W')#4%70.#%G.(#&/F104"""W'#I/.4.C#U1.C%#W'C/&L
I.40"# =0%00I.44.&# ?%&I0.# 4/.# 4/F1# ?/.I.(# C/(# W'"# O=/.# ?/(I#
?%F14.&# ?/.# ./&# g&:(%'0"# =/.# ?/(I# %66.4# YG.(?'F1.(&)# %G.(#
:./&.(#%'N.(#I.&.&)#I/.#/C#[(./4#4/&I)#?.(I.&#I%4#4.1.&"#]Y(#
*#"!
%66.#%&I.(.&#?/(I#.4#&/F10#%&I.(.4#%64#./&.#'&4F1'6I/7.#:6./&.#
MK.'XK6%&W.#/&#./&.C#U3XK#4./&)#&/F10#4.1(#7.4'&I"#=/.#CY44.&#
I/.#Z.&4F1.&#<3&#/1(#K.(&1%60.&"#P.&/.#./&.#V.W.X0/3%L
G.&)#<.((./G./.#[&3G6%'F1#YG.(%66#%'K#I.(#UY(#I/.#I.&#V%'C#
<3&#I.(#V.I%:0/3�(.&&0"#R%4#43660.#I%4#<.(I%CC0.#R/&7#I3(0#
1%60.&)#?3#.4#1/&7.1J(0"#T.'0.)#I/.#?./0.(#/&#/1(.#HY(34#?366.&#
43660.&# 4/.# %G4F1(.F:.&"# P.&&# 4/.# 4/.# &/F10# ./I.&# :J&&.&)# 6%L
I./.#4/.#./&K%F1#./&#'&I#7.G./.#/1&.&#./&#H/.("r#
qM/&.# '&4/F10G%(.# 9K6%&W.O)# 4%70.# V37.("# M(# 4F1/.&# I%4# %'4L
W':340.&"# OM/&.# '&4/F10G%(.# YG.(&%0Y(6/F1.# 9K6%&W.O)# 4%70.# /F1#
'&I# I%F10.# %&# B.&.(%6# 2.F:46.("# OH./I.4# (/F10/7O)# 4%70.# 4/."#
Og&I# &'&)# $'&74)# ?.(I.# /F1# C/F1# %'K# I/.# =3F:.&# C%F1.&"#
=F1J&.&# U%7# &3F1)# 4F1J&.4# T.G.&# '&I"""31)# /F1# 1%G.# &3F1#
.0?%4# <.(7.44.&"O# =/.# I(.10.# 4/F1# &3F1# ./&C%6# W'# C/(# 'C"#
OR%4# igE$;# 4%70# 4/.# 4366.&# %'K1J(.&# /1(.# -./0# W'# <.(4F1?.&L
I.&"#R%4)#?%4#4/.#4'F1.&#/40#/&#I.C#(30.&#[%40.&#/C#H3I.&(.L
7%6"#R.(#P.7#W'(#MF:."#i:%jf#[%X/.(0fO#=/.#?%(#4F13&#?/.I.(#
W'(#2/&0.(0Y(#I.4#U%e/4#7.4F1?.&:0)#JKK&.0.#.4#G.<3(#?/(#&3F1#
/(7.&I.0?%4# 4%7.&# :3&&0.&"# EF1# ?'440.# &/F10)# ?/.# .4# V37.(#
7/&7)#%G.(#/F1#KY160.#C/F1)#%64#1Q00.#/F1#C/&I.40.&4#&3F1#0%'L
4.&I#](%7.&"#EF1#?./N#7%(#&/F10#C.1()#?.6F1.#I%4#?%(.&"#-'C#
6.0W0.&# Z%6# I(.10.# 4/.# 4/F1# 'C"# O2J(0# W'# $'&74"# Z%F10# &/F10#
('C# C/0# I.C# R/&7"# P.&&# /1(# 7.&'7# 1%G0)# 0J0.0# 4/."# g&I# 4./I#
<3(4/F10/7"#=/.#:%&&#B.I%&:..4.&"#P.&&#/1(#:3CC0)#'C#4/.#
W'#0J0.&)#?/(I#4/.#.4#?/44.&"r#
qP/.# 'C# 2/CC.64# P/66.&# ?.(I.&# ?/(# C.(:.&)# ?%&&# ?/(# 7.L
&'7#1%G.&fO)#X6%0W0.#/F1#1.(%'4"#OR%4#/40#&/F10#7.&%'#I%4#76./L
F1.#?/.#?.&&#./&/7.#T.'0.#4/F1#4.6G40#.(:.&&.&"r#
qB'0.#](%7.O)#4%70.#4/."#OEF1#(.4X.:0/.(.#4/.#I%KY()#I%44#4/.#
4/.#7.40.660#1%G.&"#g&I#?/44./.#?%4f#EF1#:J&&0.#0%04QF16/F1#
./&.#;&0?3(0#KY(#4/.#1%G.&"#R%4#iE$;#4%70#2xVM#;g]#VERRTM@"#
R/.4.(# V/II6.j# C/0# W?./# Iv4"# 5/.66./F10#/40# I/.# =F1(./G?./4.# ./&#
].16.(#%G.(#I%4#H(.00#/((0#4/F1#4.60"""r#
qM4#/40#:./&#].16.(O)#4%70.#/F1#O.(#/40"""r#
qV/II6.j#/40#I.(#2%'4C./40.()#Z4"#H%(K/.6IO)#G..&I.0.#V37.("#
OEF1# 4%70.# /1&.&# G.(./04)# /F1# 1%44.# I/.4.# X36/0/4F1.L[3((.:0L
=F1./N.O)#4%70.#4/.#W'#/1C"#O2J(./.#&/F10#W'fO#g&I#I%&&#?%(#
4/.#/C#U%e/"#=/.#40.F:0.#I.&#[3XK#%'4#I.C#].&40.(#'&I#4%70.D#
OM4#/40#C/(#.7%6#3G#.(#I.(#2%'4C./40.(#3I.(#a1.40.(#I/.#Z36.L
40.(#/40"#P.&&#.(#/1&.%70)#.4#/40#-./0#=F16'44#W'#C%F1.&)#0'0#
!
*##!
/1(# $'&74# .'F1# 4.6G40# ./&.&# 7(3N.&# B.K%66.&# '&I# C%F10#
=F16'44"#E1(#[3XK#<.(4F1?%&I#/C#E&&.(&"#M/&.&#Z3C.&0#4XQ0.(#
?%(# 4/.# %'4# '&4.(.C# T.G.&# <.(4F1?'&I.&"# -'C/&I.40# 76%'G.#
/F1# I%4"# EF1# ?.(I.# ./&.# H%IX%'4.# ./&6.7.&)# &3F1# ./&.&# R(/&:#
&.1C.&# '&I# I%&&# <.(4'F1.&# 1/.(# W'C# M&I.# W'# :3CC.&"Z/0#
.0?%4#B6YF:#?.(I.#/F1#1.'0.#&%F10#.0?%4#4F16%K.&"#bpD!d#g1(#
i:%j)#.4#?%(.&#W?./#R(/&:4)#<.(:6%7.#C/F1"#g&I#&'&#/40#.4#-./0#
KY(#I%4#I/F10.(/4F1.#=F16'44K.'.("#V37.(#'&I#/F1#4X(%F1.&#%'K#
I.C#2./C?.7#&/F10#</.6#YG.(#'&4.(.#M(6.G&/44."#EF1#?./N#&/F10#
3G#I%4#h.C%&I)#I.(#I/.4.#=./0..4.&#?Y(I.)#C.(:?Y(I/7#<3(L
:QC.# \&'&# I%# V'01# %'4# C./&.C# T.G.&# (%'4# /40# :%&&# /F1# C/(#
&/F10# <3(40.66.&# ?.(# I%4# 4./&# :J&&0._# %G.(# C/(# .(4F1./&0# I%4#
<J66/7# &3(C%6)# I/.# &3(C%640.# %66.(# (.%:0/3&.&"# EF1# ?%(# &/.# /&#
./&.C#[(/.7)#%G.(#/F1#40.66.#C/(#<3()#I%44#Z.&4F1.&#I/.#'&<.(L
6.0W0#%'4#./&.(#4F1(.F:6/F1.&#=F16%F10#:3CC.&#./&.#Z.&7.#C/0#
V37.(4#'&I#C./&.(#;(0)#%64#?/(#/&#I/.#B(3N40%I0#W'(YF:K'1(.&)#
7.C./&4%C#1%G.&"#P/(#4X(%F1.&#C./40#YG.(#R/&7.#I/.#'&4#X.(L
4J&6/F1#&/F10#G.(Y1(0.&"#V37.(#4%70.#.0?%4#YG.(#I..((YF:L
0.&)#I.(#%'K#V3&%6I#V.%7%.4F1344.%00.#'&I#/F1#.(?Q1&L
0.)#I%44#/F1#./&.&#PQ6W.(#I.4#&.'.	.0.(#H.&F1.j#6.4.&#:J&&L
0.#'&I#.4#&/F10#C%6#C.(:.&#?Y(I."#P/(#4X(%F1.&#./&#G/44F1.&#
YG.(#I%4#P.00.("#Z./40.&4#%66.(I/&74#?%(.&#?/(#40/66"#P/(#<.(76/L
F1.&# :./&.# M/&I(YF:."# P/(# C%F10.&# :./&.# ;&40%60.&# '&4.(.&#
H.4'F1#/C#H6'C.&1%'4#W'#(%0/3&%6/4/.(.I.(#%'4./&%&I.(W'L
&.1C.&"# EF1# 76%'G.# 437%(# ?/(# .(?Q1&0.&# '&4.(.&# <.((YF:0.&#
;'4K6'7# &%F1# a.&0(%6# ]%664# &'(# ./&# ./&W/7.4# Z%6# ?Q1(.&I# I.(#
W?./40Y&I/7.&#-'7K%1(0"#V37.(#:%C#<3C#=X./4.?%7.&#W'(YF:)#
C/0# ./&# X%%(# =%&I?/F1.4# '&I# a36%"# M(# <.(X%440.# C/(# C./&.&#
U./6#'&I#/F1#G.I%&:0.#C/F1"#EF1#G30#/1C#%'F1#%&)#.4#W'#G.W%1L
6.&"#V37.(#6%F10.#'&I#4%70.)#?/(#4./..'0.#%'K#=X.4.&:3&03#
'&0.(?.74#L#O./&.0.&0/.66.&#;'03(#G.4'F1.&O)#43#?Y(I.#.(#
.4#/&#I.(#;G(.F1&'&7#&.&&.&"#g&I#I%&%70.#.(#G./6Q'K/7#'&I#
C/0# K(%7.&I.(# =0/CC.D# OR/.4.(# %60.# Z%&&# ?%(# ?/(:6/F1# 030)#
&/F10fr#
q>./&O)#4%70.#/F1"#OM(#?%(#'&030"r#
qM/&#-3CG/."r#
qB.&%'"r#
qP/.#/&#Z%F'CG%#T3<."r#
qEF1#?./N#&/F10)#?%4#I%4#/40"r#
*#$!
qM/&#]/6CO)#4%70.#.("#OR/.#=3(0.)#I/.#-.&/01#23'4.#W?./K.6634#
<.(6.70# 1Q00.)# ?.&&# ?/(# /&# I.&# d8.(&# ?Q(.&"O# g&I# I%4# ?%(4"#
OP/(#&%1C.&#./&#U%e/#<3&#I.(#9.&&#=0%0/3&#W'(#!8+"#9%(:#;<.L
&'.# =3'01)# V37.(# 6/.N# 4/F1# ?/.I.(# ./&.# o'/00'&7# 7.G.&# '&I#
40.F:0.#4/.#43(7KQ60/7#/./&.#H(/.K0%4F1."#EF1#?%(#G../&I('F:0)#
76%'G#C/("#R.(#]%1(.(#6/.N#'&4#t'.(#YG.(#I/.#=0(%N.#(%'4)#<3(#
=C/6.(4"# M4# 7/G0# ./&.# &.'.# H.006.(/&# I3(0# L# ./&.# %60.# ](%'# C/0#
?/6I.C# ?./N.&# 2%%()# I/.# 7.?J1&6/F1# W?./# 96%40.0Y0.&# C/0# '&L
?%1(4F1./&6/F1.&# H.4/0W0YC.(&# G./# 4/F1# 0(Q70)# ./&.&# H.F1.(# /&#
I.&# I/.# 9%44%&0.&# [6./&7.6I# ?.(K.&# :J&&.&# '&I# ./&.# B/0%((.#
I/.# %'44/.10# %64# 3G# 4/.# 0%'4.&I# $%1(.# %60# 4./"# gC# /1(.&# 2%64#
0('7# 4/.# ./&# =F1/6ID# OT;==# $M=g=# E># RME># 2MV-O"# EF1# 4F1%'L
I.(0.)# %64# /F1# .4# 4%1"# EF1# .(/&&.(.# C/F1# ?/.# /F1# I%F10.D# EF1#
13KK.# ./&# 6%'4/7.(# -3CG/.# 1%0# C/F1# &/F10# %G.(76Q'G/4F1# 7.L
C%F10#L#'&I#I%&&#?%&I0.#/F1#C/F1#%G#'C#./&#TQF1.6&#W'#<.(L
G.(7.&"#V37.(#?%(#/&#I.&#T.G.&4C/00.66%I..7%&7.&#'&I#/F1#
?3660.#&/F10)#I%44#I/.#3GI%F1634.#](%'#76%'G0.)#/F1#?Y(I.#YG.(#
4/.# 6%F1.&"# ZJ76/F1.(?./4.# C%F10.# .4# I%4# P%(0.&# %'K# V37.(#
'&%&7.&.1C"#=/.#4F1%'.&#I/(#&/F10#/&4#B.4/F10)#I/.4.#iGI%F1L
634.&"#EF1#76%'G.#4/.#CJ7.&#I%4"#O2.jL4/.O)#4%70.#4/.#C/0#./&.(#
:(%0W.&I.&# '&I# K%40# CQ&&6/F1.&# =0/CC."# OB.CL4.LC/(L&L
R366%(L/F1L4X/.6L/1&L?%4"r#
qP/44./.#?%4O)#4%70.#/F1"#OEF1#7.G.#/1&.&#W?./)#?.&/.4#
&/F10#0'&"r#
qR%CC0.(L=F1./NL2%&I.6O)# 4%70.# 4/.)# 7.&%'# %64# V37.(# %'4#
I.C# T%I.&# :%C# '&I# C/F1# .(?/4F10.)# ?/.# /F1# W?./# 4F1?.(<.(L
I/.&0.#R366%(#/&#I.&#H.F1.(#./&.(#<.((YF:0.&#%60.&#](%'#403XK0."#
M(# 1%00.# ./&.# G(%'&.# UY0.# /&# ./&.(# 2%&I# '&I#./&.# ;4X/(/&X%:L
:'&7#/&#I.(#%&I.(.&"#;64#.(#I/.#MF:.# .((./F10.)#:6%XX0.#.(#I/.#
R34.# %'K# '&I# 4F1Y00.60.# ./&/7.# U%G6.00.&# 1.(%'4"# M(# 4?%(K# 4/.#
4/F1# /&# I.&# Z'&I# '&I# G.7%&&# 4/.# W'# :%'.&"# R.(# B.I%&:.# %&#
I.&# B.4F1C%F:# 6/.N# C/(# I/.# ;'7.&# 0(Q&.&"# OR'# 43660.40# /1&.&#
?/(:6/F1# :./&# B.6I# 7.G.&O)# 4%70.# .(# %64# ?/(# %&# I.(# ;CX.6# %'K#
B(Y&#?%(0.0.&"#OM4#.(C'0/70#4/."r#
qg&I# I'# 43660.40# ?/(:6/F1# :./&# ;4X/(/&# :%'.&)# %G.(# I'# 0'40#
.4O)#%&0?3(0.0.#/F1"#EF1#?%(#&/F10#/&#I.(#=0/CC'&7#KY(#Z3(%6L
X(.I/70.&#OR%4#/40#?%1(O)#4%70.#.(#'&I#G30#C/(#%'4#I.(#R34.#%&#
%64#?/(#I/.#=0(%N.#YG.(t'.(0.&"#OP/6640#I'#C%6#<.(4'F1.&fO#R%4#
C.(:?Y(I/7.#?%()#/F1#0%0#.4"#EF1#&%1C#./&/7.#'&I#?%(K#4/.#C/(#
/&# I.&# Z'&I)# 1%440.# '&I# 7.&344# I.&# G/00.(.&# B.4F1C%F:# I.(#
!
*#%!
4/F1# %'K6J4.&I.&# 9/66.&# 76./F1.(C%N.&"# 2/&0.(# '&4# .(0J&0.&#
./&/7.#I/443&%&0.#'&I#:(./4F1.&I.#B/0%((.&40(/F1.)#7.K3670#<3&#
./&.(# 131.&# '&I# %'7.4F1&./&6/F1# ?./G6/F1.&# =0/CC.)# I/.# W'#
4F1(./.&# G.7%&&# O$'40# %# F634.(# P%6:# ?/01# U1..O"# OV./&)#
4F1&.66O)# 4%70.# V37.(# '&I# 1/.60# C/(# I/.# T3GGj0Y(# %'K"# OH.<3(#
C./&.#i1(.&#%&K%&7.&#W'#G6'0.&"O#R.(#Z.0(3X36/0%%00.#a.&L
0(%6#]%664#4XQ0#<.(6%44.&#'&I#:%C#4XQ0#%&#I.(#9.&&#=0%0/3&#%&#L#
.(#/40#./&#[%CXKK%1(W.'7#L#'&I#I/.#T3GGj#'&4.(.4#2%'4.4#?%(#
K%40#<.(6%44.&"#;64#/F1#/C#]%1(40'16#%'K#C./&.#g1(#G6/F:0.)#4%1#
/F1#I%44#4/.#</.(0.6#&%F1#4.F14#%&W./70."#OH/66)#=%&I(%#'&I#2.(G#
L#?%4#?/(40#I'#/1&.&#.(WQ16.&fO#V37.(#4F1%'0.#C/F1#%&#%64#3G#
/F1#<.((YF:0#?Q(."#O;66.4O)#4%70.#.("#OM4#/40#I%4#./&W/7.#I%4#/F1#
0'&# :%&&"# R/.# 9K6%&W.# /&# V/II6.j4# [%G'KK# /40# &/F10# 7%&W# I.(#
=?..0#P/66/%C"#P%4#C/F1#I%(%&#.(/&&.(0#L#?/(#CY44.&#C3(7.&#
./&.&# =F16344.(# :3CC.&# 6%44.&# I.(# I%4# UY(4F16344# %'4?.F1L
4.60"#P/6640#I'#C./&.&#;6X0(%'C#?/44.&f#V/II6.j#:3CC0#W'(YF:#
%'4# =?..0# 23C.# ;6%G%C%)# %1&'&74634)# %'K# ./&.&# =X('&7# %C#
=3&&0%7&%F1C/00%7"""r#
qP%('C#43660.#.(#I%4#0'&fO)#K(%70.#/F1"#O[./&.#;1&'&7O)#4%7L
0.# V37.(# 7.(./W0"# OM4# /40# ./&# ;6X0(%'C)# 1%G.#/F1# I%4# &/F10# 7.L
4%70f# g&I# ;6X0(Q'C.# C%F1.&# 4.60.&# =/&&"# R%4# /40# ./&# B('&I#
I%KY(#I%44#4/.#43#.(4F1(.F:.&I#4/&I"#5/.66./F10#?/66#.(#YG.(X(YL
K.&# 3G# I/.# 9%X/.(:J(G.# 7.6..(0# ?3(I.&# 4/&I# ?Q1(.&I# .(# &/F10#
I%#?%(#3I.(#/(7.&I?%4"#M7%6)#h.I.&K%664#7.10#.(#/./&.#[%CL
C.(#'&I#?Q1(.&I#.(#&%F1#I.C#T/F104F1%60.(#0%40.0)#76./0.0#.0L
?%4#'C#4./&.&#>%F:.&"O#EF1#C'440.#/1&#&/F10#K(%7.&)#?%4#I%4#
4./&#:J&&0."#;66.4#?%4#/F1#0'&#C'440.)#?%(#C/F1#%&#I/.#P'(W.6#
W'# .(/&&.(&)# I/.# 4F16%&:# '&I# .(I<.(:('40.0# 'C# U/&%# H%(K/.6I4#
=F1'1#7.76/00.&#?%("#R/.#]%1(40'160Y(#JKK&.0.#4/F1#/C#d"#=03F:#
'&I# ?/(# 7/&7.&# I.&# ]6'(# 1/&'&0.()# 6/.N.&# H;Vai# >i5MTLUM;-#
%&I# aV;>R;TT# k# i5EU-# \./&.# V./1.# Q60.(.(# %G.(# /CC.(# &3F1#
:%&&/G%6/40/4F1.(# 9(3W.44L# '&I# 2%K0%&?Q60._# 1/&0.(# '&4# '&I#
C./&.&# X.(4J&6/F1.&# T/.G6/&7)# I/.# OB/G# C/(# I/.# P.60L
V./4.%7.&0'(O"# ;C# .&0K.(&0.&# M&I.)# G.?%F10# <3&# ./&.C# 9%%(#
G6'0634.(#96%40.K%(&.)#?%(#'&4.(.#R3XX.60Y(#C/0#I.&#B36IG'F1L
40%G.# -M>EU2# 2ig=M# '&I# ME>M# ]n2VM>RM# BM=MTT=a2;]U)#
I%4# B36I# .G.&43# .F10# ?/.# I/.# ]%(&."# V37.(# 1360.# 4./&.&#
=F16Y44.6#1.(%'4#'&I#JKK&.0.#I/.#UY("#E&&.&#?%(#./&#MCXK%&4L
GY(3#C/0#./&.C#=F1(./G0/4F1)#./(%'.(#U.XX/F1#I.(#W'C/&I.40#
<.(4'F10.# &/F10#/&I'40(/.66# %'4W'4.1.&)# '&I# PQ&I.# C/0# V./4.L
*#&!
X340.(&#I%(%'K)#I/.#=%&I(%#<3&#V/0%#R'(40#/C#B/GLC/(LI/.LP.60#
G.:3CC.&# 1%00."# ;&I.(.# 5.(6.7.(# ?Y(I.&# W?./K.6634# /1(.&#
MCXK%&7#C/0#./7.&.&#H'F1F3<.(&#I.:3(/.(.&)# %'K7.G6%4.&#%'K#
9340.(7(JN."# ;G.(# ./&# HY(3# I%4# C/0# YG.(7(3N.&# H/6I.(&# <3&#
Z%F13D#2%&3/#].'.(40'(C)#Z3&I#I.(#M&0KY1(.(#'&I#V%00.&#%'4#
I.(# 2J66.# I.:3(/.(0# ?Q(.)# ?Y(I.# 0%04QF16/F1# &/F10# &%F1# h.I.(L
C%&&4#B.4F1C%F:#4./&"#OZ3(7.&#/40#./&.(#<3&#T%=13&I%4#U%L
7.&O#.(/&&.(0.#/F1#V37.("#T%=13&I%#ZF2'.#:3CC0#I(./C%6#I/.#
P3F1.D# Z3&0%7)# Z/00?3F1# '&I# ](./0%7"# =/.# ?%70# 4/F1# 4.60.&#
1/&0.(#I.&#=F1(./G0/4F1#\?3#4/.#C./40.&4#/1(.#>Q7.6#G.%(G./0.0)#
/1(.#](.'&I.#%&('K0#'&I#/1(#2%%(#W'#./&.C#;K(3L=F13XK#K(/4/.(0_#
'&I# %64# U/&%# H%(K/.6# <3&# O'&4.(.C# [(./4O# 4X(%F1)# I%F10.# /F1#
&/F10# %&# '&4.(.# U./6W./0(.W.X0/3&/40/&"# OEF1# ?./NO)# 4%70# V37.("#
OB6YF:6/F1.(?./4.#/40#I/.#R%C.&03/6.00.#I.&#]6'(#1/&'&0.(1/&0.(#
>3<.6LU.%W)# '&I# I%4# /40# I.(# ./&W/7.# 96%0W# W'# I.C# 4/.# h.C%64#
7.10"#O;G.(#?.&&#C%6#.0?%4#4F1/.K#7.10"""r#
q"""?/(I#.4#4F1/.K7.1.&O)#.&I.0.#.("#O$%)h%)#/F1#?./N"O#M(#40/.N#
./&.�/.K.&#=.'KW.(#%'4"#OP/6640#I'#C/(#'&4.(# &.'.4# Z%4:300L
F1.&#W./7.&fr#
q=3660.# /F1# G.44.(# 0'&)# ?%4fO# M(# 7/&7# I.&# ]6'(# <3(%&# 1/&0.(#
4./&# HY(3# '&I# I/.# %&I.(.&# T.:03(.&GY(34"# P/(# 0(300.0.&# 6/&:4#
'C# I/.# MF:.)# ?3# 4/F1# W?./# ?./0.(.# UY(.&# C/0# I.C# U(/&:G('&L
&.&#I%W4/F1.&#G.K%&I.&"#;'K#./&.(#I%<3(%&I#2;g=ZME=UMV"#
;'K# I.(# %&I.(.&# 9i=U# g>R# =9MEa2MV"# V37.(# &%1C# ?/.I.(#
4./&.&# =F16Y44.6# 1.(%'4# '&I# 40.F:0.# I.&# X%44.&I.&# /&# I%4#
=F16344#<3&#V/II6.j4#[%CC.("#OEF1#1%G.#.4#1.'0.#C3(7.&#G.L
<3(#?/(#7.7%&7./&I#%G7.4F16344.&O)#.(:6Q(0.#.("#Og&0.(#I/.L
4.&#gC40Q&I.&#?%(#I%4#./'0.(#-'7O)#4%70.#/F1"#OR%F10.#/F1#
%'F1O)# 40/CC0.# .(# W'"# ;C# V%&I.# G.C.(:0.# /F1)# I%44# .(# C/F1#
&.'7/.(/7#%&4F1%'0.)#%64#.(#I/.#UY(#JKK&.0."#R%&&#G.C.(:0.#/F1#
&/F104# C.1(# %'N.(# I.&# B.('F1"# R/.4.&# 1/CC6/4F1.&# B.('F1"#
Z./&.# B(3NC'00.(# &%1C# C/F1#/CC.(# /&# I.&#T%I.&# C/0)# ?.&&#
4/.#.0?%4#./&:%'K./&7#I%4#?%(#F3(#6%&7.(#-./0#/&#B(..&#H%j#
L# '&I# ?%4#/F1# %C# C./40.&# C3F10.# ?%(# I.&# [&3XK# W'# I(YF:.&#
'&I#I/.#[%KK..CY16.#/&#R'(F17%&7#I(./#%&W'4F1%60.&"#P%4#/F1#
&'&#(3F1#?%(#I%4#?'&I.(<366.#;(3C%#K(/4F1.(#I'&:6.(#VJ40'&7#
<3&# ]/<.# ima63F:"# EF1# :3&&0.# I/.# UY0.# C/0# I.C# (30.&# "M0/:.00#
KJ(C6/F1#4.1.&#g&I#/F1#1%00.#./&.#M(/&&.('&7)#43#:6%(#I%44#.4#
K%40#(.%6#?%()#<3&#./&.C#:6./&.&#$'&7.&#I.(#4./&.#>%4.#/&#I/.L
4.# UY0.# 40.F:0.# KY(# ./&.&# 6.0W0.&# T'K0W'7# G.<3(# I/.# UY0.# <.(L
!
*#'!
4F16344.&# ?'(I."# Oi1)# ?'&I.(G%(O)# 4%70.# /F1# C/0# K6%F1.(#
=0/CC.)#I.&#U(Q&.&#&%1"#Z./&.#B(%C#?%(#4F13./0#b8#$%1L
(.&# 030)# %G.(# /&# I/.4.C# Z3C.&0# 6.G0.# 4/.# ?/.I.("# OP%4# /40# .4#
KY(# I/F1O)# K(%70.# V37.("# M(# :6%&7# K%40# 7/.(/7"# OEF1# (/.F1.# M(IL
G..(:'F1.&)# K(/4F1# %'4# I.C# iK.&"# >3F1# 1./N# 7.&'7# 'C# I/.#
=F16%74%1&.#W'#4F1C.6W.&"r#
qM4# /40# [%KK..O)# 4%70.# /F1# '&I# 0(%0# ./&"# O](/4F17.C%16.&.(#
[%KK.."O#EF1#:3&&0.#437%(#I/.#Z%4F1/&.#4.1.&#C/0#I.&#a1(3CL
('04F1.&# '&I# /1(.&# I(./# M/&40.66'&7.&D# ]./&)# .e0(%K./&# '&I#
7(3G"#R%&%1#/F1#I%4#[QCC.(F1.&#'&I#:3&&0.#&/F104#C.1(#
4%7.&"# P/.# I%4# B.?QF141%'4# /&# a.&0(%6# ]%664# ?%(# .4# W'C#
R4F1'&7.6# 7.?3(I.&"# ;G.(# ?Q1(.&I# /&# U/&%# H%(K/.6I4# R4F1'&L
7.6#<.(4F1/.I.&.#9K6%&W.&#?'F14.&)#?%(#.4#1/.(#&'(#MK.')#MK.')#
'&I# &3F1# C.1(# MK.'"# M(# ?'F14# YG.(%66)# (%&:0.# 4/F1# YG.(# I.&#
B(/KK#<3&#V/II6.j4#H.4.&#'&I#].&40.(X'0W.()#:6.00.(0.#YG.(#I/.#
V.7%6.)#40Y(C0.#I/.#P%&I#G/4#W'(#R.F:.#?3# .(#/F1?/.(/7.&#
-/F:W%F:C'40.(&#.&06%&7#I.(#[%F1.6&#?'F14)#<3&#I.&.LQ&L
W.&I.# 7(Y&.# H6Q00.(# 1.(%G1/&7.&)# ./&/7.# 7.JKK&.0"# V/II6.j4#
P/4F1./C.(# ?%(# 4.6G40# W'# ./&.C# 40Q16.(&.&# H6'C.&03XK# 7.L
?3(I.&# %'4# I.C# ./&# (/.4/7.(# MK.'G'4F1# 1.(%'4(%70.)# ./&#
R'(F1./&%&I.(# <3&# H6Q00.(&)# V%&:.&# '&I"""# OP%4# KY(# H6'C.&#
4/&I# I%4O)# K(%70.# /F1"# OR/.4.# G6%'.&# H6'C.&"# EF1# 1%G.# &/.# .0L
?%4#Q1&6/F1.4#7.4.1.&)#G.43&I.(4#&/F10#G./#./&.C#MK.'"O#"OR'#
1%40# &/.# W'<3(# .0?%4# ?/.# I%4# 7.4.1.&O)# 4%70.# .("# EF1# C'440.#
W'40/CC.&)#/F1#1%00.#&/F10"#;'K#./&.C#I.(#(.7%6.)#I/(.:0#'&0.(#
<.(4F1/.I.&.&# HYF14.&# H31&.(?%F14# I/.# K%40# '&0.(# ./&.(# ]6'0#
7(Y&.(#H6Q00.(#G.7(%G.&#?'(I.&)#40%&I#./&#?/&W/7.(#(30.(#H6'L
C.&03XK"# R.()# /&# I.C# I/.# 9K6%&W.# '(4X(Y&76/F1# %&7.:3CC.&#
?%("# R%# ?%(# /F1# C/(# 4/F1.("# M/&# ?/&W/7.4# 96%40.4F1/6I# :.1&0.#
I%7.7.&"# EF1#G.'70.#C/F1#<3(#'&I#6%4#I'(F1#./&.#(.F10#7(3N.#
TYF:.# I.4# H6Q00.(?%6I.4)# ?%4# I%(%'K# 7.4F1(/.G.&# 40%&I"# 2E`#
ZME># >;ZM# E=U# -M>EU2# Ea2# HE># ME># BM=a2M>[# ]nV# $i2>#
5i>#ViHMVU;#OR/.4.(#H%40%(I#V/II6.jO)#4%70.#/F1"#Og&I#?.&&#
?/(# 4F13&# C%6# I%G./# 4/&I)# 4/&I# ?/(# ?/(:6/F1# G.(./0# W'# 76%'G.&)#
I%44#&/.C%&I#I.(#1/.(#1.(./&:QC.#.0?%4#%&I.(.4#4.1.&#?Y(I.#
%64#./&.#:6./&.#G.4F1./I.&.#MK.'XK6%&W.f#[./&#=0YF:#<3C#V.40#
<3&#I/.4.C"""r#
qEF1# 4F1Y00.60.# C./&.&# ;(C"# OEF1# :%&&# .4# &/F10# C/0# =/F1.(L
1./0# 4%7.&)# %G.(# .4# /40# I%4)# ?%4# I/.# T%Ij# 7.4%70# 1%0)# &/F10f#
g&I# I/.# T%Ij# 4%70.# %'F1# I%44# h.C%&I# I.(# 1/.(# (./&# :3CC0)#
*#(!
CJ76/F1.(?./4.#&/F10#C.1(#1/&%'4:3CC0"O#EF1#4%1#./&.#V%&:.)#
I/.#G.(./04#I'(F1#I/.#UY(#%'K#I.&#]6'(#1/&%'4#7.?%F14.&#?%("#
OZ%ꪌ.#G.44.(#[&3G6%'F1#G.43(7.&O)#40/.N#/F1#1.(<3("#Og&I#
4F1&.66"O# V37.(# JKK&.0.# I/.# UY0.)# I/.# .(# %'4# =C/6.(4# C/07.L
G(%F10# 1%00."# EF1# 4F1%'0.# 1/&./&# '&I# ?%(# &/F10# ?/(:6/F1# YG.(L
(%4F10#W'#4.1.&)#I%44#4/.#<366.(#[&3G6%'F1:&366.&#?%("#OR'#G/40#
<366#%'K#I.(#2J1.O)#4%70.#/F1"#OEF1#C'44#.4#W'7.G.&)#V37.()#I'#
G/40# <366# %'K# I.(# 2J1."# OR%4# :3CC0)# ?./6# /F1# I.(# a1.K# G/&O)#
4%70.# .(# .(&401%K0"# P/(# 40%((0.&# '&4# ./&.&# Z3C.&0# 6%&7# %&#
I%&&#G.7%&&.&#?/(#W'#:/F1.(&"#M4#?%(#./JF140#./7.&%(0/7.(#
Z3C.&0"""%G.(#&/F10#I.(#1JF140.#./7.&%(0/7.#Z3C.&0"#96J0W6/F1#
(.%6/4/.(0.#/F1)#I%44#/F1#./&.#V3C%&/I..#1%00."#M4#:%C#4F1./&L
G%(#7%&W#X6J0W6/F1)#?/.#%'4#:6%(.C#2/CC.6"#R%4#?%(#I.(#1JF140#
./7.&%(0/7.#Z3C.&0"#g&I#/F1#1%G.#I/.4.#X6J0W6/F1.#EI..#/CC.(#
&3F1"# R/.# EI..# 4F1?.G0.# W'# C/(# %'K# I.C# ;(3C%# I.4# ]/<.# i#L
a63F:L[%KK..4)# I/.# =3(0.)# I/.# /F1# KY(# C./&.# B(3NC'00.(# /&# 9(/L
F.4# ;66L9'(X34.# T.G.&4C/00.66%I.&# C%160.)# I%C%64# /&# B(..&#
H%j# %64# I3.# P.60# h'&7# ?%("""3I.(# /F1"# EF1# CJF10.# 7%&W# 4/F1.(#
&/F10#C./&.#7(3N.#EI..#1/.(#I%(6.7.&)#&/F10#KY&K#Z/&'0.&#&%F1#
Z/00.(&%F10)#%G.(#I'#:%&&40#76%'G.&#?.&&#/F1#4%7.)#.4#/40#./&.#
7'0.#EI.."#M/&.#I/.#Z%/C3&%0#%'44.1.Q440#?/.#I%4#?%4#.4#h%#
%'F1#?%(D#M/&.#0(3F:.&.#;G436<.&0.&%(G./0#I/.#4/F1#%64#V3C%&#
C%4:/.(0."# O2./6/7.# =F1./N.O)# 40/.N# /F1# 1.(<3("# V37.(# 4F1%'0.#
C/F1# %&)# K%40# </.64%7.&I"# O2%40# ./&# X%%(# /&0.(.44%&0.# EII.&)#
40/CC0fr#
qR'#?./N0#.4fr#
q$%O)# 4%70.# .("# OEF1# ?./N"# EF1# ?'440.# I%4# ?/(# &%F1# a.&0(%6#
]%664#K%1(.&#C'440.&#'C#I/.4.#H%(K/.6I#W'#0(.KK.&#G.<3(#I'#C/(#
I/.4.&# H(/.K# 7.W./70# 1%40# $31&&j"# EF1# 1%G.# I/.# EI..# 1/.(# I(/&#
G.:3CC.&"#T.0W0.#>%F10"#[3CC)#6%44#'&4#<.(4F1?/&I./.("#
T%44"""O#=./&.#;'7.&#K'&:.60.'40/7"#EF1#1%00.#I%4#4F13&#./&L
C%6# 7.4.1.&)# %G.(# /F1# :3&&0.# C/F1# &/F10# (.F10# .(/&&.(&# ?3"#
OT%44.&#?/(#4/.#/&#](/.I.&#?%F14.&"O#P/(#<.(G(%F10.&#I/.#&QF1L
40.&# *d# Z/&'0.&# I%C/0)# I/.# [&3G6%'F1:&366.&# W'# W.(G(.F1.&#
'&I#4/.#%'K#I.&#=./0.&#I.(#UY(#W?/4F1.&#MCXK%&7#'&I#V.I%:0/L
3&#W'#<.((./G.&"#>%0Y(6/F1#%'F1#%'K#I.(#=F1?.66.#'&I#I.	K3L
40.&"# R.(# B.('F1# 6/.N# C/(# I/.# ;'7.&# 0(Q&.&)# %G.(# /F1# I.&:.)#
C3(7.&# ?/(I# .4# .0?%4# G.44.(# 4./&"# -'C/&I.40# 13KK.# /F1# I%4"#
;64#?/(#K.(0/7#?%(.&#(3F1#I.(#96%0W#43#?/.#/F1#C/(#./&#Z/.01%'4#
/&#E0%6/.&#W'(#$%1(1'&I.(0?.&I.#<3(40.66.)#C/0#%66#I.%'47.L
!
*#)!
C%F10.&# =X%71.00/43N.&"# OP./N0# I'O)# 4%70.# /F1# %64# ?/(# K.(0/7#
?%(.&#O?/(#4/&I#<.((YF:0#I/.#B(.&W6/&/.#1/.(#W'#C%(:/.(.&"#P/(#
43660.(%00I.44.&#[&3G6%F'1#%'K#I/.#UY(#<3&#V/II6.j4#[%G'KK#
C%F1.&)#I%4#?Y(I.#4/.#I(/%60.&"r#
qEF1#76%'G.#&/F10)#I%44#.4#43#K'&:0/3&/.(.&#?Y(I.O)#4%70.#.("#
OEF1# 76%'G.# .4# 4.0W0# C.1(# 3I.(# ?.&/7.(# <3(%'4)# I%44# .4# K(./.#
H%1&#W'(#V.I%:0/3%0"r#
qM4# G.3G%F10.0# '&4# '&I# ?QF140O)# 4%70.# /F1"# EF1# 43660.# C/F1#
KY(F10.&)# h.0W0# KY(F10.# /F1# C/F1)# ?./N# B300# L# %G.(# I3(0# &/F10"#
g&I# /F1# 1%00.# I/.4.&# H6/F:# /&# 4./&.&# ;'7.&# 7.4.1.&)# I/.4.4#
K.'(/7.#]'&:.6&"#Z./&#G.40.(#](.'&I#/&#I.(#KY&K0.&#[6%44.#?%(#
./&#$'&7.#&%C.&4#V%&Ij#P.00.(C%(:"#g&I#./&.4#U%7.4)#%64#?/(#
/C# =YN/7:./0.&6%I.&# 403XX0.&# 'C# '&4# &%F1# I.(# =F1'6.# .0?%4#
W'# 136.&)# :6%'0.# V%&Ij# ./&.&# =X/I.(C%&&La3C/F"# M(# 40.F:0.#
/1&# '&0.(# I/.# $%F:.# '&I# 7/&7# 1/&%'4"# V37.(# 1%00.# I.(# 4.6G.&#
;'4I('F:# /&# 4./&.C# B.4/F10"# Oa1(/40'4)# ?%4# KY(# ./&# U%7"# P%4#
KY(# ./&# .(40%'&6/F1.(# U%7"# Z./&# 2/(&# KY160# 4/F1#%&# ?/.# I.(# Z%L
7.&# ?.&&# C%&# &/F10# ./&K%F1# &'(# W'# </.6# /40)# 43&I.(&# </.6# W'#
</.6"# EF1# 7.1.# /&4# H.00"# EF1# 13KK.# 'C# 2/CC.64?/66.&)# I%44# /F1#
.0?%4#4F16%K.&#:%&&"##
*$+!
U./6#5#
!
*$*!
;'4#I.&#Z.6I'&7.&#<3&#M/4.&C%7..F:46.(#
*"#;X(/6#*+,*#
l#g1(#
#
R/.#=0%I0#.(K367(./F1#/&K/60(/.(0"#iGh.:0/<#/C#H6/F:"#>/F10#/&#I/.L
4.C# Z3C.&0# &%0Y(6/F1"# Z./&# I.(W./0/7.(# ;'K.&01%6043(0# L# ;66.j#
1/&0.(#=C/6.(4#Z%(:0)#MF:.#9[#pb"#=0(%N."#R.(#;(G./04X6%0W#I.4#
$'I.&# 6/.70# C./&.C# H/?%:# I/(.:0# 7.7.&YG.("# B.0(%&0# %64# 5.(L
(YF:0.#B/0%((.&LB.(0/.#'&I#7.%(G./0.0#?/.#./.((YF:0.("#[./&#
B.?.1(#%G.(#./'0.4#Z.44.(#/C#96%40.G.'0.6)#I/.4.(#iGI%F1L
634.&C/40"# -?./# 53(7.4.0W0.# I.4# ;&0/F1(/40.&# I/.# /C# =0%0&4L
2%'4#<3&#-.&/01#%(G./0..40.(&#*A"p8#g1(#%'K7.:(.'W0"#M/&.(#
\a3I.&%C.# V37.(# I.(# =F1?/&I6.(_# 7/&# /&# I.&# Z%(:0"# [%'K0.#
I.C#B.('F1#&%F1#[&3G6%'F1"#B6%'G0#<.(C'06/F1#4./&#=.e6.G.&#
I%C/0# W'# <.(G.44.(&"# 2%``# R.(# %&I.(.# \a3I.&%C.# $31&# I.(#
H%X0/40_# ?%(0.0.# I(%'N.&"# Z/0# I.C# VYF:.&# W'# C/("# 2Q00.# /1&#
X(3G6.C634# 0J0.&# :J&&.&"# M/&# 4F1&.66.(# =F1&/00"# 2%644F16%7L
%I.("#;60.#U('XX.&YG'&7"#R/.4.(#%60.#2'&I#.(/&&.(0#4/F1#%&#%66.#
%60.�(/F:4"#>%0Y(6/F1#0%0#/F1#.4#&/F10"#EF1#C'44#%'K#I.&#$'I.&#
?%(0.&"# P.&&# I/.# %&I.(.C# C/(# &/F10# /&# I/.# o'.(.# :3CC.&#
4366./.#6.G.&"#]%664#&/F10#?.(I./.#&%0Y(6/F1#40.(G.&"#[./&.#
B.K%&7.&.&"#H;9UE=U#7%G#C/(#W?./#R366%("#B./W1%64`#R.(#G.40.#
96%F1./&0#C/()#G/4#W'C#P3F1.&.&I.#W'#?%(0.&"#\!"Ld"#;X(/6_#
'&I# I%&&# /&# I%4# B.GQ'I.# ./&W'I(/&7.&"# ;'K# I.(# T%'.(# 6/.7.&#
G/4#Z3&0%7C3(7.&#\l"#;X(/6_"#>%0Y(6/F1#:%&&#$"#<3(1.(#:3CC.&#
%G.(# ]./76/&7.# (./4.&# /&# B('XX.&"# P/(40# I'# :./&# 7'0.(# $"# 4./&)#
%C#M&I.#/40#R./&#]6./4F1#C./&"#2;`#O=(Q&I.#4/&I#4%&I/7)#./&/7.#
[Y40./&I#40./&/7)#/F1#?.(I.#.4#/1C#W./7.&)#I.C#H.40/CC0.&#
=F1C3F:"O#P./0.(.#U(Q'C.#<3&#a%(634#\a3I.&%C.#R.4/7&%0.I#
=X/F_#EF1#76%'G.#.(#/40#&%1"#PY&4F10.#/F1#1Q00.#./&#H/6I"#Z'44#
%'47.:3F10#4./&"#B/0%((.#'&I#9.(YF:.#4/&I#7'0.#2/6K.&"#U%7#I.4#
B.&.(%64#40%00#U%:#I.4#=F1%:%64)#2;`#R/.#B/0%((.#G(%'F10#&.'.#
=%/0.&"#=X/.60#&3F1#7%&W#7'0#'&I#4/&70#?/.#./ș.6#%'K#I.C#
H%'C"#-QXKF1.&#%GG.:3CC.&"#T%I'&7#%G7.?3(K.&"#[%&&#:6%L
(.(# I.&:.&# C/0# 2/6K.# 1/(&0J0.&I.(# =/&&G/6I.("# Z'44# &'&# I%4#
P%(0.4X/.6#4X/.6.&"#>/F10#W'C#.(40.&#Z%6#i<.(#'&I#3'0"##
*$"!
;'4#I.(#>.?#@3(:#U/C.4)#*"#;X(/6#*+,*)#
=./0.#HL*)#>%0/3&%6.(#H.(/F10#
;G40'(W#%'K#]6'76/&/.#0J0.0#A#/&#V"E"#
53&#$%C.4#P1/0&.j#
Me:6'4/<#KY(#I/.#U/C.4##
#
a.&0(%6#]%664)#V13I.#E46%&ID#M/&.#a.44&%#!8!#U/0%&)#T/&/.&K6'7L
W.'7# I.(# iF.%&# =0%0.# ;/(?%j4)# /40# :'(W# &%F1# I.C# =0%(0# <3&#
H%(:.(#]/.6I#7.40.(&#&%F1C/00%7#%G7.40Y(W0"#R%G./#:%C.&#G./L
I.# 9/630.&# '&I# %66.# KY&K# 9%44%7/.(.# 'C4# T.G.&"# iF.%&# =0%0.#
;/(?%j4#G/.0.0#4./0#*+AA#]6Y7.#&%F1#>.?#@3(:#a/0j#%&"#R.(#ia;#
]6/.7.(# *!# ?%(# ?.&/7.(# %64# b# Z/&'0.&# /&# I.(# T'K0# %64# .4# 40./6#
1.(%G40Y(W0.)# &'(# ./&.# </.(0.6# Z./6.# <3C# =0%(0X6%0W# .&0K.(&0"#
-.'7.&#G.(/F10.0.&)#I%4#]6'7W.'7#4./#I/(.:0#YG.(#./&.C#T%7.(L
1%'4#&/.I.(7.7%&7.&)#1%G.#:&%XX#I%4#R%F1#<.(K.160#G.<3(#.4#
I%&&#%'KX(%660."##
P%4#/CC.(#I3(0#4F1/.K#7.7%&7.&#/40)#/40#X6J0W6/F1#'&I#(/F10/7#
4F1/.K7.7%&7.&)# 4%70.# Zj(3&# 23?.)# I.(# g&:(%'0# hQ0.0.# W?/L
4F1.&#H%(:.(#]/.6I4#W?./#V366G%1&.&#%64#I%4#g&76YF:#7.4F1%1"#
OM4# 7/&7# 13F1# '&I# I%&&# <.(4'F10.# .4# W'(YF:W':3CC.&"# EF1#
1J(0.# ./&.# Z%4F1/&.# 40300.(&)# I%&&# I/.# %&I.(."# EF1# 4%1)# I%44#
G./I.# 9(3X.66.(# 030# ?%(.&"# M4# <.(K.160.# I%4# T%7.(1%'4# '&I# .4#
<.(K.160.#I/.#-'K%1(0)#%G.(#I%&&#X(%660.#.4#4F1?.(#%'K"##
M(40.#H.(/F10.#I.'0.&#&/F10#%'K#0.F1&/4F1.#9(3G6.C.#C/0#I.(#
a#!8!#1/&)#I/.#<3&#W?./#pAd#9=L40%(:.&#Z%4F1/&.&#%&7.0(/.G.&#
?/(I"#R%4#]%G(/:%0#1%0#YG.(%66#%'47.W./F1&.0.#=/F1.(1./04&30.&#
G.:3CC.&# '&I# I%4# %G7.40Y(W0.# ]6'7W.'7# ?%(# ?.&/7.(# %64#
+888# =0'&I.&# /&# H.0(/.G)# 43# I.(# 9(Q4/I.&0# I.(# iF.%&# =0%0.#
;/(?%j4# B.3(7.# ].(7'43&"# MeX.(0.&# I.(# a/</6# ;3.(3&%'0/F4#
H3%(I#\a;H_#'&I#I.4#H'&I.46'K0K%1(%C0.4#1%G.&#I/.#g&0.(4'L
F1'&7#W'C#;G40'(W#./&7.6./0.0"##
H./#I.C#g&K%66)#I.C#.(40.&#/&#iF.%&#=0%0.4#</.(hQ1(/7.(#B.L
4F1/F10.)# ?'(I.&# $31&# a1.40.(03&)# I.(# 9/630# '&I# ;<.(j# B36IL
40././&#a3L9/630#7.0J0.0"#H./I.#40%CC.&#%'4#9%?0'F:.0"#V3L
G.(0#P./&.()#U/&%#H%(K/.6I#'&I#R%66%4#Z%j(#?'(I.&#%64#I(./#I.(#
KY&K# <.('&76YF:0.&# 9%44%7/.(.# /I.&0/K/W/.(0"# R/.# EI.&0/0Q0# I.(#
%&I.(.&# W?./)# 3KK.&G%(# ./&# M1.X%%()# ?'(I.# <3&# I.&# &QF140.&#
5.(?%&I0.&#W'(YF:7.1%60.&"##
#
!
*$#!
iF.%&# =0%0.# ;/(?%j4# ?/(I# C./40# <3&# 9%44%7/.(.&# 7.&'0W0)#
I/.# ;&4F16'44# %&# 7(JN.(.# T/&/.&# %'N.(1%6G# I.4# T%B'%(I/%# L
]6'71%K.&4# 4'F1.&"# T%'0# Z("# ].(7'43&# 1%0# i=;# ?./0.(.# ]6Y7.#
G/4# M&I.# I.(# P3F1.# %'47.4.0W0)# CJ76/F1.(?./4.# %'F1# 6Q&7.("#
OEF1# G/&# .&04.0W0O)# 4%70.# .("# OEF1# G/&# I/.4.4# ]6'7W.'7# ./&/7.#
Z%6.#4.6G40#7.K637.&#'&I#1Q00.#4F1?J(.&#:J&&.&)#I%44#.4#:./&#
4/F1.(.(.4#7/G0)#3G#7(3N#3I.(#:6./&"#EF1#1%G.#.4#4.6G40#%C#Z3&L
0%7#<3&#H3403&#%'4#7.K637.&#'&I#%66.4#?%(#/&#i(I&'&7#I%C/0"#
EF1# 1%G.# :./&.# ;1&'&7# ?.41%6G# G./I.# Z%4F1/&.&# 43# X6J0W6/F1#
%'47.K%66./&I"#M/&.)#I%4#/40#CJ76/F1)#%G.(#&/F10#G./I."##
#
#
mmm#
#
#
53&#$31&#[.&03&v4#U%7.G'F1#
*"#;X(/6#*+,*#
#
R%# 7/G0# .4# ./&.&# %60.&# F1/&.4/4F1.&# ]6'F1# ?.6F1.(# 43# 7.10)#
O5/.66./F10#6.G40#I'#/&#/&0.(.44%&0.&#-./0.&"O#EF1#I.&:.#.4#C'44#
1%'X04QF16/F1# %'K# T.'0.# %'47.(/F10.0# 4./&)# I/.# U%7.GYF1.(#
&.1C.&#\'&I#?.&/.#V37.(v4#5.(6%'0G%('&7#K367.&)#?/(I#4/F1#
I/.4.# -%16# G%6I# %'K# I(./# ?./0.(.# %&40./7.&D# H/66# B.6G)# =%&I(%#
$%F:43&#'&I#2.(G#OB.G.&#=/.#C/(#I/.#P.60#'&I#6%44.&#=/.#C/(#
.4# H344O# 93(0.(_"# EF1# 4%N# 1/.(# /&# C./&.C# :6./&.&# 2./CGY(3# L#
?.6F1.4#./7.&06/F1#./&.#MF:.#I.(#[YF1.#/40)#W'#I.(#/F1#./&#V.7%6#
'&I# ./&# 1.66.4# T/F10# 1/&W'7.KY70# 1%G.# L# I/.# U%40.&# C./&.(#
=F1(./GC%4F1/&.#6.0W0.# >%F10#KY(#G./&%1.#KY&K# =0'&I.F16%L
7.&I"#P/66#1.'0.#%G.&I#&/F10#43#6%&7.^#-?/4F1.&#%&I.(.&#R/&L
7.&# 1%G.# /F1# ./&# Z%&'4:(/X0# W'#6.4.&"# g&I# /F1# 7.1.# I%(%&# .4#
W'#6.4.&)#I.&:.#/F1"#R%4#R'0W.&I#3I.(#43#=./0.&)#I/.#/F1#%'F1#
C./&.C# >%F11%'4.?.7# I'(F17.7%&7.&# G/&# 1%G.&# C/F1# ?316#
YG.(W.'70)#I%44#I/.4#I%4#./&.#/40#&%F1I.C#/F1#%66.4#%G7.4'F10#
1%G.)# 31&.# .4# .G.&# ?/(:6/F1# W'# ?/44.&"# ;G.(# W'C/&I.40# ./&.#
9.(43&#<3&#C./&.(#&.'.40.&#H.:%&&04F1%K0#?/(I#.4#&/F10#6.4.&"#
>/F10# ./&C%6# ?.&&# .4# 43# 7(3N# ?/.# B(3N.# M(?%(0'&7.&# /40"#
\>/F10#I%4#?/(I#.4#4./&^#EF1#C'44#C/F1#4.6G40#I%(%&#.(/&&.(&)#
I%44#/F1#G./#-.&/01#23'4.#%(G./0.#&/F10#V%&I3C#23'4."_#;(C.#
](%'"#EF1#?./N#&/F10#3G#4/.#I/.#.e%:0.#P%1(1./0#YG.(#'&4#./&.#
7'0.# P.&I.# W'# 0'&# .(WQ160.)# %G.(# 4.6G40# K%664# 4/.# I'(F1# /1(.#
*$$!
-Q1&.# 637)# 43660.# &/.C%&I# 43# 40.(G.&# ?/.# I.(76./F1.&)# %G7.L
40Y(W0#<3C#2/CC.6#'&I#W'#U3I.#W.(t'.04F10#/&#./&.(#G(.&&.&L
I.&#=0%16(J1(."#EF1#:%C#G./#I.(#;(G./0#1.'0.#437%(#K(Y1.(#%&)#
?/66# I%4# 9340W/CC.(# '&0.(4'F1.&"# igE$;# 4%70# 1J(# %'K# I./&.#
-./0# W'# <.(4F1?.&I.&)# .(WQ160.# 4/.# C/("# R%4# ./&.)# I%4# I'#
4'F140#/40#/&#I.(#</36.00.&#=F1%F10.6#%'K#I.C#B('&I(.7%6"#V/F1L
0'&7# MF:."# EF1# CJF10.# 76./F1# h.&.# MF:.# YG.(X(YK.&# G.<3(# /F1#
I.&# [%KK..# %'K4.0W."# g&I# 'C# ./&.&# ?./0.(.&# H6/F:# %'K# -.&/01#
I.&#MK.'#W'#G.:3CC.&)#?Q1(.&I#/F1#1/.(#'&0.&#?%("#;64#.(40.4#
I%F10.# /F1# /F1# ?Y(I.# V37.(# I/.4C%6# 4F16%7.&)# ?./6# I3(0# ?%(#
:./&# [6%F:L[6%F:# <3&# 4./&.(# =F1(./GC%4F1/&."# ;G.(# I%4# T/F10#
?%(#%&#'&I#%64#/F1#/&#I/.#3KK.&.#UY(#<3./&.C#HY(3#4XQ10.)#
G.K%&I#.(#4/F1#I3(0#./&K%F1#1/&0.(#I.C#=F1(./G0/4F1#4/0W.&I#'&I#
%'K#I/.#=0(%N.#1/&%'44F1%'.&I"#OZ3(7.&)#H344)O#4%70.#/F1"#EF1#
I%F10.# .(# ?Y(I.# K.(0/7# '&I# 7%&W# ?/6I# I%(%'K# W'# 7.1.&)# 4./&)#
%G.(# .(# 4%N# ./&K%F1# I3(0# /&# ./&.C# 1%6G.&L1/&X6'CX4.&)# G6%44#
'&I#W.(W%'40)#%64#3G#.(#I/.#7%&W.#>%F10#I%C/0#<.(G(%F10#1Q00.#
4/F1#1/&#L#'&I#1.(W'?Q6W.&"#OEF1#.(WQ160.#I/(#&/F10#4/.#W'#'&0.(L
40Y0W.&)O# 4%70.# .(# 31&.# 4/F1# <3C# ].&40.(# %GW'?.&I.&"# EF1#
7/&7#(YG.(#'&I#4%1#1/&%'4"#R/.#%60.#R%C.#C/0#I.(#B/0%((.)#I%4#
?./N.# ?/6I.# 2%%(# '&I# I%4# -./F1.&# YG.(# 6%44.# $.4'4# /&# I./&#
2.(W#?%F14.&#?%()#%'K#I.(#53(I.(4./0.#<3QF16.#?/.I.()#I%(L
YG.("#EF1#:3&&0.#W'C/&I.40#&/F10#1J(.&#?%4#4/.#4%&7"#R3(0#?%(#
43# </.6"OR'# 4/.140# %'4# %64# 1Q00.40# I'# ./&.# 1%(0.# >%F10)O# 4%70.#
/F1"#O2%(0.(# Z3(7.&"#R'#1%40#I/.#U/C.4#7.4.1.&#fO# EF1#1%00.)#
%64# ./&.&# G.I.'0.&I.&# U%0G.40%&I# L# 31&.1/&# I/.# 2%'X04./0."#
R3(0# ?%(# I.(# 7.?J1&6/F1.# H.(/F10# <3&# V.%7%&v4# -'40%&I)# I%4#
YG6/F1.#-.'7#YG.(#g&('1.&#/C#Z/00.6340.&\i(/.&0_)#I/.#YG6/F1.#
[3(('X0/3&L/&# I.(LV.7/.('&747.4F1/F10.# '&I# I.(# YG6/F1.#
2%'X04./0.&# L# ;XX.66# I/.# K(/4F1.&# T'K0<3((Q0.# W'# '&0.(40Y0W.&"#
>/F104# <3&# I.C# 0(%K# C/F1# %64# ./&# /(7.&I./&# I'(F14F1&/006/F1.(#
H.0(.KK"# R.&&3F1# KY160.# /F1# ./&.# :6./&.# BQ&4.1%'0# %'K# I.(#
VYF:4./0.#C./&.4#>%F:.&4"#R/.#U/C.4#4/0W0.#1.(YG.(7.K%60.0#/&#
I.(#;'N.&1Q6K0.#<3&#V37.(v4#2E>ME>c2MV;g=#9%X/.(:3(G4"#EF1#
&%1C#4/."#OM(40.#=./0.#I.4#H#U./64)O#4%70.#.()#I.&&3F1#%'4#I.C#
].&40.(# 4.1.&I"# 5.(C'06/F1# G./# I.C# H(%&I)"""3I.(# G.W./F1&.&#
=/.# ./&.# ;(0# <3&# I.&# P./GF1.&# %64# ./&.# H(%&I?'&I.# f# EF1#
?.F14.60.# W'# I.C# &%0/3&%6.&# H.(/F10# '&I# 4%1#./&# H/6I# <3&# ./L
&.C#]6'7W.'7L?%4#<3&#./&.C#YG(/77.G6/.G.&#/40)#.7%6L/&#./&.C#
7.hQ0.0.&# ].6I# <.('&(./&/70# C/0# ;'N.&C303(0./6.&L# EC# 2/&0.(L
!
*$%!
7('&I# 40%&I# ./&.# B('XX.# <3&# T.'0.&# 0(300.61%K0# 1/&0.(# ./&.(#
?/(G.640'(C%(0/7.&# ;G4X.(('&7# <3&# B%00.(&"# EF1# 0%40.0.# I/.#
=F16%7W./6.# %G# '&I# ?'440.# %'K# ./&C%6"OH%(K/.6I# fO# K(%70.#
/F1"OH%(K/.6I)O#.(?/I.(0.#.("Oa1(/40'4`r#
qa1(/40'4#1%0#&/F104#W'#0'&#C/0#.4"OEF1#X(YK0.#I.&#U./6#31&.#
/1&# ?/(:6/F1# W'# 6.4.&)# .G.&# &%F1# /1(.C# >%C.&# 4'F1.&I"# g&I#
I%#?%(#4/.D#U/&%#H%(K/.6I#<3&#a.&0(%6#]%664)#g(4X('&7#<3&#I.C#
%60.&# =X(/F1?3(0# O]%664# I'# W'# 6%&7.# %&# I.(# 4'CC.&I.&# =Q7.#
1.('C4X/.640)#?/(I#4/F1#K(Y1.(#3I.(#4XQ0.(#h.C%&I#4F1&./I.&"O#
iI.(# 6.G.&I/7# <.(G(.&&.&# /&# ./&.(# a.44&%# U/0%&)# I/.# 4/.# &.1L
C.&#C'440."##
O=/.# 4%70.)# 4/.# ?Y(I.# 4/F1.(# <3(# a%(634# 4./&)# ?.&&# 4/.# I/.#
['(<.# ?/(:6/F1# (/F10/7# G.:3CC.&# ?Y(I."O)# 4%70.# V37.("# OR%4#
C%7# C%&F1.# 4F16'44K367.(&# 6%44.&)# I%44# I%4# ?%4# 4/.# C/0# '&4#
7.C%F10#1%0)#7.&%'#I%4#B.7.&0./6#?%("r#
qEF1#1%G.#/1(#I%4#7.76%'G0O)#4%70.#/F1"#EF1#76%'G.#/F1#4%70.#
I/.#P%1(1./0)#%G.(#.7%6#3G#3I.(#3G#&/F10)#/F1#?3660.#&/F10)#I%4#
V37.(#.&04F1/.I#I.&#MK.')#I.(#/&#V/I6.j4#[%CC.(#?'F14#1.('L
%4(/44# ?.7.&# I.C# ?%4# C/0# U/&%# H%(K/.6I# X%44/.(0# ?%("# =3# 7.L
4F13F:0#/4F1#%'F1#?%()#I%4#?3660.#/F1#&/F10"#R%&%1#/F1)#3I.(#
CJ76/F1.(?./4.# KY160.# /F1)# I%44# V37.(# 7%(# &/F10# %&# 43# .0?%4#
I%F10.# '&I# /F1# .&04X%&&0.# C/F1# ./&# ?.&/7"# OU%04QF16/F1# 1%G.#
/F1#.4#%'F1#7.0%&O)#4%70.#.("#=/.#1%00.#W'C/&I.40#<.(4'F10#I/.#
['(<.#W'#:(/.7.&"r#
q5/.66./F10#1%0#4/.#.4#./&K%F1#&/F10#4F1&.66#7.&'7#7.0%&O)#4%7L
0.# /F1"# M(# &/F:0."# O5/.66./F10# ?%(# .4# I%4"# EF1# 6.4.# YG(/7.&4# I/.#
['(W7.4F1/F10.)#I/.#4/.#.(?Q1&0#1%0)#I/.#<3&#$.(3C.#H/eGj"r#
qB'0"#;64#/F1#W?./#=./0..6.4.%00.#G.C.(:0.#/F1#I%44#.4#
%'K#./&.(#G.(Y1C0.&#U?/6/710L-3&.#MX/43I.#G%4/.(0)#/&#I.(#H/66j#
Z'Cj# I/.# 2%'X0(366.# 4X/.60"# P%4# W'(# 2J66.# /40# h.C%64# X%44/.(0#
C/0#H/66j#Z'CjfO#M4#/&0.(.44/.(0.#C/F1#./&.&#K.'F10.&#[.1(/F10#
?%4# C/0# H/66j# Z'Cj# 7.4F1.1.&# ?%()# %G.(# /F1#I%F10.)# .4# ?Q(.#
./&.# 4F16.F10.# EI..)# .4# %'4W'4X(.F1.&"# OR/.# B.4F1/F10.# 1%&L
I.60# <3&# ./&.C# :6./&.&# $'&7.&# I.(# YG.(4/&&6/F1# G.7%G0# /40"# M(#
W.(40J(0# I/.# 7%&W.# P.60)# 4F1./&G%()# %'N.(# KY(# 4./&.&# ./7.&.&#
:6./&.&#](.'&I.4:(./4#'&I#I/.#5.(?%&I0.&"#R/.4.#T.'0.#1Q60#.(#
%64# B./4.6&)# 0J0.0# 4/.)# ?.&&# 4/.# /1C# /(7.&I?/.# /&# I/.# o'.(.#
:3CC.&"#EF1#.(/&&.(0.#C/F1#%&#I/.#EI.."#R%4#:6./&.#[/&I#1%00.#
&/.C%&I.C#I%4#2.(W#1.(%'47.(/44.I.(#]6'7W.'7.#%G40Y(W.&#
6%44.&)#%G.(#.(#1%00.#./&.#9.(43&#L#4./&.(3N.&#H('I.(#3I.(#
*$&!
</.66./F10# ./&.&# >%F1G%(# L# /&# ./&.&# [/40.&0.'K.6# <.(?%&I.60"#
g&I#%64#.(#R'(F1./&%&I.(#%&(/F10.0.)#4F1/F:0.#.(#/1&#./&K%F1#/&#
./&#Z%/4K.6I"#OR%<3&#%'47.1.&I)#:%&&40#R'#I/(#<3(40.66.&)#?%4#
.4# G.I.'0.0# C/0# a%(634# W'# 6.G.&fO)# K(%70.# C/F1# V37.("# OP%4#
?.(I.&# ?/(# 0'&)# V37.(fO# M(# ?%&I0.# 4/F1# <3C# ].&40.(# %G# '&I#
4F1%'0.# C/F1# I/(.:0# %&"# S&7406/F1# L# /F1# ?%(# I%4# %'F1# L# %G.(#
.&04F16344.&"#EF1#%F10.0.#/1&#I%KY("#g&I#/F1#%F10.#C/F14.6G40"#
B6%'G.# /F1"# OP/(# C%F1.&# -.&/01# 23'4.# W'# ./&.(# X(3K/0%G6.&#
=%F1.#?.&&#?/(#:J&&.&O)#4%70.#.("#Og&I#I%&&#?.(I.&#?/(#.0?%#
+# B%663&.&# 4F1?%(W.(# ]%(G.# /&# 2%(63?# M&I.(4# ;'7.# X(.44.&"#
EF1#?./N#&/F10#3G#I/.4.#9K6%&W.#?/(:6/F1#./&.#C3I.(&.#5.(4/3&#
<3&#$%F:4#H31&.&6./0.(#/40)#%G.(#?.&/.#.4#/40#?.(I.&#?/(#4/.#
.(:6.00.(&#'&I#I/.#736I.&.#2%(K.)#I/.#736I.&.#B%&4#'&I#%66#I/.#
B36II'G63&.ˆ.&)#43</.6#?/(#0(%7.&#:J&&.&"#M/&<.(40%&I.&fO#
EF1#40(.F:0.#C./&.#2%&I#%'4"#OM/&<.(40%&I.&#H344"O#M(#4F1Y0L
0.60.#4/."#EF1#1%00.#&/F10#C.1(#</.6.#7'0.#Z3C.&0.#/&#C./&.C#
T.G.&#<3(#&.'&#g1(#C3(7.&4)#h.I.&K%664#&/F10)#4./0#/F1#.(?%F1L
4.&#G/&"#;G.(#I%4#?%(#./&.(#<3&#/1&.&"#OP/(#?.(I.&#%'F1#<3(L
4/F10/7#4./&O)#4%70.#.("#OM/&<.(40%&I.&#I%C/0fr#
qM/&<.(40%&I.&"O# M4# /40# &'(# 1.'0.# &%F10)# 6/.G.4# U%7.G'F1)#
I%44# C/(# :6%(# ?/(I)# ?%4# YG(/7G6./G0# ?.&&# C%&# I%4# %# ?.76Q440#
\%7(..I#L#7(..ID#B/.()#I%4#P3(04X/.6#:%&&#C%&#&/F10#YG.(4.0L
W.&_"#EF1#?Y(I.#6Y7.&)#?.&&#/F1#&/F10#4%7.&#?Y(I.)#I%44#C/F1#
I%4#'C0(./G0"#P/(#(.I.0.&#&3F1#./&#G/44F1.&"#EF1#?3660.#('&0.(#
7.1.&#'&I#-.&/01#YG.(X(YK.&"#V37.(#(/0#I%W'#%'K#H/66)#2.(G#'&I#
=%&I(%# W'# ?%(0.&# '&I# .4# I%&&# 7.C./&4%C# W'# 0'&"# T%=13&I%#
M<%&4# :%C# <3(# /1&.&)# 4/.# G.4F1?.(0.# 4/F1)# I%44# I.(# MCXK%&7#
4.604%C# (3F1"# V37.(# 40/CC0.# /1(# W')# <.(C'0.0.# .4# :J&&0.&#
Z/6G.&#/C#U.XX/F1#4./&#'&I#7.&.1C/70.#./&.#7.(/&7KY7/7.#;'4L
7%G.#KY(#./&#]6Q4F1F1.&#P%6I?/.4.)#?.6F1.4#G./#=C/6.(4#I/(.:0#
7.7.&YG.(#7.:%'K0#?.(I.&#:%&&"#;'N.(I.C#.CXK%16#.(#/1()#I/.#
V.I%:0.'(.#/&#I.&#&QF140.&#Z3&%0./.G.(#/&#V'1.#W'#6%44.&"#
=/.# C'440.&# %66.# 1%(0# %(G./0.&)# 4%70.# .()# 4/.# <.(4'F10.&# I.&#
M(?%(0'&7.&# I.4# Z'00.('&0.(&.1C.&4# 7.(.F10# W'# ?.(I.&"# M(#
4%70.# &/F10# O'&(.%6/40/4F1.# M(?%(0'&7.&O%G.(# ./&/7.# Z.&4F1.&#
:J&&.+#.0?%4#%66./&#C/0#./&.C#7.?/44.&#U3&#/&#I.(#=0/CC.#
%'4I(YF:.&"# g&I# V37.(# 7.1J(0.# W'# /1&.&"# OM4# /40# C./&.# ;(0#
&/F10# ?./0.(# %64# G/4# 1/.(1.(# W'# 7.1.&)# Z("# P%I.O)# 4%70.# 4/.)#
I%G./# 40%&I# 4/.# /&# I.(# UY(# <3&# V37.(4# HY(3# '&I# 4X(%F1# 4.1(#
?Y(I.<366"# O=/.# 4/&I# /&# i(I&'&7"""'&I# =/.# %'F1)# Z("# [.&L
!
*$'!
03&"""C./40.&4"""O# EF1# I%&:0.# /1("# EF1# .&0I.F:0.)# I%44# ?.&&#
I./&#ZQIF1.&#I/F1#KY(#./&.&#P.40:Y40.&1./&/#<.(6%44.%0#I.(#
CJ76/F1.(?./4.#U%/#a1/#G.1.((4F10#'&I#.4#I%G./#W'#7(3N.(#].(L
0/7:./0# 7.G(%F10# 1%0)# 4.6G40# W?./I.'0/7.# [3CX6/C.&0.# W/.C6/F1#
7'0# :6/&7.&"# O"""%G.(# I/.4.# %&I.(&# I(./# 4/&I# ./&# G/44F1.&# %'K#
I.(#7('4.6/7.&#=./0."O#R%C/0#7/&7#T%=13&I%"#EF1#&.1C.#%&)#4/.#
C'440.#;&('K.#C%F1.&)#./&/7.#I%<3&#CJ7.&#C/0#I.C#5.(6%74L
7.4F1QK0#W'4%CC.&1Q&7.&"#V37.(#4F1%'0.#C/F1#%&)#%CY4/.(0)#
'&I#I%&&#K'1(#.(#4/F1#I'(F1#4./&#?/((.4#2%%("#O=/.#1%0#I.&#B.L
('F1#&/F10#.(:%&&0O)#4%70.#.("#OEF1#76%'G.#&/F10)#I%44#T%=13&L
I%#</.6#-./0#/&#I.(#[YF1.#<.(G(/&70"r#
qP.&&# I'# %'44/.140# ?/.# T%=13&I%)# G.W?./K6.# /F1)# I%44# I'#
I%4#C'440O)# 4%70.#V37.("#OR%&&#(/.F140#I'#[&3G6%'F1#&'(#I/.#
X%%(#Z%6.)#?.&&#I.(#[.66&.(#I/(#I./&.#=1(/CX4#%6#6%#Z.I/.0((%&#
G(/&70"r#
qg&I# '&0.(I.44.&O)# 4%70.# /F1# O7/G0# .4# P%6I?/.4."# g&I# I.(#
[&3G6%'F17.('F1#?/(I#&/F10#C.1(#W'#4XY(../&"#M4#4./#I.&&#
&%0Y(6/F1# C%&# /40# ./&# H6'01'&I# 3I.(# ./&.# YG.(&%0Y(6/F1.# -/CL
C.(XK6%&W."O#P/(#4F1%'0.&#'&4#%&#I%&&#G(%F1.&#?/(#/&#T%F1.&#
%'4"# 5/.66./F10# ./&K%F1# I.41%6G# ?./6# U/&%# H%(K/.6I# 030# ?%()# ?/(#
%G.(#6.G0.&"#>/F10#4.1(#&.00)#/F1#?./N)#%G.(#I.(#U%7#?%(#<3&#I%#
%&# 1.66.("# =3</.6# W'C/&I.40# /40# 4/F1.("# V37.(# 1%00.# %'K# 2.(G4)#
=%&I(%4# '&I# H/66/4# =F1(./G0/4F1.&# :6./&.# >30/W.&# 1/&0.(6%44.&"#
gC# +"p8# g1(# <.(4%CC.6.&# ?/(# '&4# %66.# /&# V37.(4# HY(3)# I%4#
I3XX.60# 43# 7(3N# /40# ?/.# '&4.(# [3&K.(.&W(%'C"# V37.(# G.7%&&#
C/0#I.&#P3(0.&#I%44#.(#76%'G0.)#2.(G#'&I#=%&I(%#1Q00./6K.#
.(1%60.&#G./#/1(.&#M/&7.G'&7.&"#g&I#C/0#:./&.(#7(JN.(.&#M/&L
6./0'&7# %64# I/.4.(# .(WQ160.# .(# /1&.&# <3&# '&4.(.(# V./4.# &%F1#
V13I.#E46%&I"#EF1#1%6K#I%G./#43#7'0#/F1#:3&&0."#P/(#G./I.#<.(L
4'F10.&# W'# <.(I.'06/F1.&)# ?/.# C.(:?Y(I/7# '&4.(# H.4'F1# /C#
B.?QF141%'4#7.?.4.&#?%()#?/.#%'N.(?.606/F1)#'&I#/F1#76%'G.#
%66.# I(./# <.(40%&I.&# I%4# C./40.# I%<3&"# P/.# %'F1# /CC.()# %64#
?/(# %'K# >3(</66.# [..&# :%C.&# :3&&0.&# ?.I.(# V37.(# &3F1# /F1#
I.	'&:0#:6%(C%F1.&"#H/66#'&I#2.(G#4%N.&#=./0.#%&#=./0.#%'K#
I.C# H3I.&)# ?%4# 4/.# 3K0# 0'&# ?Q1(.&I# '&4.(.(# V.I%:0/3&44/0L
W'&7.&)# :%KK.# 0(/&:.&I)# '&I# /F1# 4%1# ?/.# 4/.# ./&.&# H6/F:# %'4L
0%'4F10.&)# I/.# ;'7.&# 1/CC.6?Q(04# <.(I(.1.&I)# <3&# I.(# '&L
76Q'G/7.&# ;(0"# EF1# I%F10.# I%(%&)I/.4.&# 9'&:0# &Q1.(# W'# .(6Q'L
0.(&)#0%0#.4#%G.(#&/F10"#gC#>3(</66.#[..&4#P./41./0#.0?%4#%GL
W'?%&I.6&D# OR'# :%&&40# &/F10# %&# ./&.&# -3CG/.# 76%'G.&# ?.&&#
*$(!
I'# &3F1# :./&.&# 7.4.1.&# 1%40"O# V37.(# G..&I.0.# 4./&.# V.I.#
/&I.C# .(# H/66# I.&# U./6# I.(# >.?# @3(:# U/C.4# %'41Q&I/70."# P/(#
?%(0.0.&#?Q1(.&I#.(#I/.#V'&I.#C%F10."#Oi1)#%(C.#](%'O)#4%7L
0.#=%&I(%"#=/.#1%00.#4/F1#/&#/1(.&#HY(34.44.6#7.I(YF:0#'&I#4%N#
I%(/&)#I/.#[&/.#.&7#%&./&%&I.("#[./&#=/0W.&#%'K#I.C#H3I.&#?/.#
Z("# '&I# Z(4"# $%F:43&4# :6./&.4# ZQIF1.&"# OEF1# K6/.7.# &/.)# ?.&&#
/F1# &/F10# '&G.I/&70# C'44"# M4# /40# </.6# 7.KQ1(6/F1.()# %64# 4/.#
W'7.G.&"r#
qo'%04F1O)#4%70.#H/66"#OEF1#C./&.)#/F1#6/.G.#I/F1#V37.()#%G.(#
I%4#/40#?/(:6/F1#Z/40"#R'#G/40#7.40(.440#L#I'#%'F1#$31&)#G.43&L
I.(4#4./0#I/(#I./&.#](.'&I/&#I.&#T%'KX%44#7.7.G.%0#'&I#/1(#
[.(6.# 1%G0# ./&K%F1"""# /F1# ?./N# &/F10"""# .'F1# /40# I/.# ]%&0%4/.#
I'(F17.7%&7.&"# V37.(# &/F:0.# %64# 1Q00.# .(# &/F104# %&I.(.4# .(L
?%(0.0"# M(# ?%&I0.# 4/F1# %&# 2.(G"# OP%4# I.&:40# I'fO)# K(%70.# .(#
/1&"#2.(G#40%&I#%'K#'&I#(YF:0.#4./&.&#BY(0.6#W'(YF:#/&#I/.4.(#
$.0W0LYG.(&.1CL/F1LI/.L]Y1('&7L;(0"# OEF1# I.&:.# ?/(# 43660.&#
./&.&#H6/F:#%'K#I/.4.&#?'&I.(G%(.&#MK.'#?.(K."r#
qEF1# %'F1O)# 4%70.# =%&I(%"# OE1(# H'(4F1.&# 76%'G0# I%4# &/F10#
?/(:6/F1)# 3I.(fO)# K(%70.# H/66# B.6G"# M(# :6%&7# W'76./F1# G.6'40/70#
'&I# %6%(C/.(0"# OE1# C./&.)# 6%440# '&4# &/F10# I/.# *",88L
Z%44.&1j40.(/.L>'CC.(#?Q16.&)#3:%jfr#
qP.I.(# 7%6'G.# &3F1# G.W?./K6.# /F1# .0?%4O)# 4%70.# =%&I(%"#
O>/F10#4/F1.(#h.I.&K%664"#;66.4#?%4#/F1#7.?/44#?./N#/40)#I%44#/F1#
C./&.#EI..#C/0#I.C#P/0W.G'F1#1%00.)#&%F1I.C#/F1#'&0.&#?%("#
>%F1I.C# /F1# 7.G%F:.&.# [.:4.# 7.(3F1.&# 1%00."# g&I# ?%('C#
43660.#I.(#2%'4C./40.((%'C#?/.#I/.#[YF1.#C./&.(#B(3NC'00.(#
(/.F1.&fO# 5/.66./F170# %'4# I.C# 76./F1.&# B('&I# %'4# I.C# I.(#
MCXK%&7# &%F1# [&3G6%'F1# (/.F10O)# 4%70.# H/66"# OP./6# I/.4.# [.(6.#
'&4#=0(./F1.#4X/.6.&"O#EF1#JKK&.0.#C./&.&#Z'&I)#'C#W'#4%7.&)#
I%44# =%&I(%# [.:4.# 7.(3F1.&# 1%00.)# '&I# 2.(G# U3%40# C/0#
Z%(C.6%I.# %&# I.C# U%7# G.<3(# V37.(# '&I# /F1# I/.# V./4.# &%F1#
a.&0(%6# ]%664# %&0(%0.&)# %G.(# G.<3(# /F1# I%4# :3&&0.# 4%70.# H/66D#
OP%4#/40#C/0#I.(#9K6%&W.#=%&Ijf# 2%40#I'#./&.&#MK.'#7.4.1.&)#
I.(#I.%&W.&#V%'C#YG.(?'F10.(0fr#
q>./&)#%G.(#/F1#1%G.#I%4#T/F10#&/F10#%&7.4F1%60.0"O4%70.#4/."#
OEF1#1%G.#./&K%F1#&'(#C./&.&#[3XK#1/&./&7.40.F:0#'&I#I%&&"""#
/F1#?./N#&/F10"""/F1#?%(#./&#G/44F1.&#.(4F1(3F:.&"#M4#?%(#%64#3G#
.4# 4X':0.# 3I.(# 43"O# M4# 1%0# 7.4X':0# 0(30W# B(3NC'00.(4# 7.G%:L
:.&.&# [.:4.&# 3I.(# I.4?.7.&fO)# K(%70.# H/66"# P/.# ./&# ].(&4.1L
413?L=0%%04%&?%60)# I.(# %'K# ./&.&# '&76YF:6/F1.&# -'7.&# I.(#
!
*$)!
5.(0./I/7'&7# ./&4F16'7"# =%&I(%# 4F1%'0.# /1&# 0(30W37# %&# '&I#
4%70.# &/F104"# 2.(G# <.(4'F10.# /1(.# 2%&I# W'# &.1C.&# %G.(# 4/.#
40/.N# /1&# ?.7"# EF1# 40%&I# %'K"# OB.&'7# 7.(.I.0"# P.41%6G# ./&.&#
B%40# G.4F1(./G.&)# ?.&&# I'# /1&# 4.6G40# 4.1.&# :%&&40fO# H/66#
4F1%'0.# C/F1# %&)# %64# 3G# /F1# %'4K6/XX.&# ?Y(I."# OP%4# 1%40# I'#
7.4%70fr#
qEF1# 76%'G.)# I%44# $31&# %'K# 4./&.# ./&W/7%(0/7.# P./4.# %'4W'L
I(YF:.&# <.(4'F10)# I%44# =.1.&# 76./F1# B6%'G.&# /40O)# 4%70.# V3L
7.("#OT%440#'&4#&%F14.1.&"#g&I#</.66./F10#43660.#/F1#.'F1#(%0.&)#
.'(.# 2Q&I.# G./# .'F1# W'# G.1%60.&"# EF1# 76%'G.# &/F10)# I%44# 4/.#
G./N0)# &/F10# '&4# h.I.&K%664)# %G.(# /F1# I.&:.)# .4# ?Q(.# :6Y7.()#
<3(4/F10/7#W'#4./&"O#]Y(#C/F1#:6%7&#I%4#&%F1#./&.C#<.(I%CC0#
7'0.&#V%0"#;64#V37.(#'&4#/&#I/.#2%66.#1/&'&0.(#KY1(0.)#I%4#HY(3#
/C#U('XX#1/&0.(#'&4#6%44.&I)# .(0%XX0.#/F1#C/F1#I%G./)#?/.#/F1#
C/F1# I.(# 6.0W0.&# P3(0.# I.4# 2%4.&7.&.(%64# /&# V/F1%(I# ;I%C4#
P%0.(41/X#R3?&#.(/&&.(0.D#O[3CC0#W'(YF:)#/1(#>%((.&"#2'&I.#
4/&I#&/F10#7.KQ1(6/F1`O#;64#?/(#%&#I/.#=0.66.#:%C.&)#?3#I/.#2%66.#
&%F1#6/&:4#?./0.(7.10#4%70.#H/66D#O2.j)#1%60.0#%&)#&'(#./&.#7300L
<.(I%CC0.# Z/&'0."O# M(# :6%&7# .e0(.C# %(7?J1&/4F1"# g&I# ./&#
G/44F1.&# 7./40.(1%K0# </.66./F10"# OP%4# /40# 634# P/66/%CO)# K(%7.0#
2.(G#'&4F1'6I/7"#OV/.F10#/(7I.&I.0?%4#1YG4F1fr#
q93XF3(&O)#4%70.#.("#M(#X(.440.#I/.#2Q&I.#W'4%CC.&"#OB'0.(#
B.('F1)# 3I.(fO)# K(%70.# V37.(# 4%&K0"# H/66# 4.'KW0."# =./&.# 2Q&I.#
JKK&.0./F1"""'&I#%'K#./&C%6#KY660./F1#4./&.#;'7.&#C/0#U(QL
&.&"#OM4#(/.F10#?/.#/C#>3(I/F%O)#4%70.#.("#OR%4#>3(I/F%#U1.%0.(#
/&# ](..X3(0)# Z%/&."# R3(01/&# 4/&I# ?/(# %64# [/&I.(# 7.7%&7.&)# /F1#
G/&#/&#B%0.4#]%664#%'K7.?%F14.&"#M4#1%00.#&'(#%&#P3F1.&.&I.&#
7.JKK&.0"# g&I# .4# ?%(# ./&# R3XX.6.(6.G&/4"# M4# 7%G# 7(N.# I/F:.#
1J6W.(&.#5.&0/6%03(.&#%&#I.(#R.F:.#'&I#4/.#6/.K.&#?Q1(.&I#I.(#
=13?"""?'4F1)# ?'4F1)# ?'4F1"""'&I# I%4# 93XF3(&# ?%(# /CC.(#
K(/4F1"#](/4F1.4#93XF3(&#C/0#.F10.(#H'00.(#I%(%'K#/&#./&.(#./&K%L
F1.&#G(%'&.&#UY0."#]Y(#C/F1#?%(#I%4#/CC.(#I.(#B.('F1#C./L
&.(#U(Q'C."#EF1"""#/40#I%4#./&#=F1.(Wf#P./6)#?.&&#.4#./&.(#/40)#
4%70#.4#C/(#h.0W0"r#
q[./&#=F1.(WO)#4%70.#/F1"#OEF1#(/.F1.#[%KK.."#]Y&KLg1(LZ%(:."#
g&I#40Q(:.(#%64#h.C%64#W'<3("#=%&I(%)#(/.F140#R'#&3F1#[.:4.fO#
=/.# 4F1%'0.# C/F1# <.(0(Q'C0# %&# '&I# X6J0W6/F1# <.(40%&I# /F1)#
?.41%6G# 2.(G# /1(# I.(%(0# <.(K%66.&# ?%(# \$%)# ?/(# %66.# ?/44.&# .4"#
EF1#I.&:.#437%(#V/II6.j#'&I#T%=13&I%#?/44.&#.4"#R/.#./&W/7.#
I/.# .4# &/F10# ?./N# /40# =%&I(%# 4.6G40"_# =/.# ?%(# ?'&I.(4F1J&"#
*%+!
O>./&O)#4%70.#4/."#EF1#(/.F1.#=1%6/C%("#R%4#?%(#I%4#.(40.#9%(L
KYC#I%4#/F1#h.C%64#1%00."#Z./&.#U%&0.#a3(.00%#4F1.&:0.#.4#C/(#
W'C# *b"# B.G'(040%7"O# R%&&# 4F1%'0.# 4/.# H/66# %&# '&I# 6QF1.60.#
?%(C"# OR%4# /40# .4)# ?3&%F1# C./&.# U(Q'C.# (/.F1.&"# =16/C%(L
9%(KYC"r#
q2.(GfO)#K(%70.#/F1"##
#